Very interesting flight to safety? Or Not? As i mentioned in the last post that i shorted EURO at 1.1291 on technical chart pattern signal and it is in my directions around 185 dollars profit (100,000 EURO lot short on my fantastic mobile app of forex.com).
But i did expect Gold to fall. Why? EURO and Gold have direct relationship. That is, if EURO falls which means dollar rises which mean Gold falls. but EURO went down and Gold went up! Because GOLD is flight to safety commodity!
as the tanker attack in persian gulf took place, people went to GOLD for ‘safe investment’
lets see what happens on purely technical chart patterns – from 31st May through 12th June EURO went up from 1.1124 to 1.1344 vis a vis to GOLD what happened to GOLD prices? GOLD went up from 1282 to 1338.
NASDAQ NQM19 is still meeting resistance at 50 days SMA. I am waiting for break above 7575 before i get in. In relation to NASDAQ composite. Let’s see on the last day of trading today in the markets – NASDAQ composite should comfortably trade above 7860. It has been an outside day yesterday which i was not expecting and is quite bullish.
GOLD man – GOLD GCQ19 is hovering near 1350 dollars. what solid moves up. very bullish on GOLD.
happy travel trading !