Gold posted a modest recovery this week with the precious metal advancing 2.12% after last week’s 6% decline to trade at $1388 at the close of trade in New York on Friday. Is this rally real or should we be looking for fresh short entries?
Retail FX crowds continue buying into Gold price weakness against the resurgent US Dollar—we like doing the opposite and selling into weakness.
We’ve written repeatedly in favor of Australian Dollar weakness against the resurgent US namesake, and extremely one-sided retail forex sentiment leaves us plainly in favor of further weakness.
There’s increasingly clear evidence that we may have seen a substantial S&P 500 top , and retail CFD trader sentiment suggests this might be the start of much bigger declines.
Currency Strategist Michael Boutros offers current setups and reviews the mechanics of scalping in the wake of Bernanke’s testimony before congress.
Extreme volatility and sudden reversals have hit world currency and equity markets, and the US dollar has now surrendered recent gains and suffered a massive selloff against the Japanese yen.
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GBP/USD Technical Analysis 05.22.2013
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AUD/USD Technical Analysis 05.22.2013
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NZD/USD Technical Analysis 05.22.2013
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GBPJPY currency pair closes the week with strong upward momentum at USD 129.092.
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