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 !
I am currently in Hyderabad india and started trading the indian markets, they are fun !
Pardon me for not posting regularly since i have been studying the Indian markets and have diversified in Crude Oil, Gold, and EUR USD trading.
In Indian market i have been trading the NIFTY futures.
So i will be posting the general market updates on the above instruments
Lets strat with NIFTY 50 – the spot level avg 20 day volume is about 400 million. it is a fantastic instrument to trade . Current solid resistance is 12,050. but i feel it is strongly coupled with the US market where a strong correction has set in.
Gold has just crossed a solid 5 month old resistance of 1300 and 1310. Current trend is upward for the china trade war and now trade war with Mexico is pushing the prices up from last week. I am long on GCQ19 with a short stop loss at 1315. Last week made about 3 points on GCQ19 on friday. Gold has broken on the upside the 50 days SMA.
On Crude it was a fantastic hit and run trade – a sell stop limit of 55.64/55.63 at 50.65 and placed a buy limit order at 55.00 and it was hit with a profit of 65 ticks. Crude is down and there is no support on it at all. Crude has crashed below 200 days SMA. the only support i see is at 52.50 and then at 50.
EUR USD is directionless on a daily chart. On weekly chart it is a fantastic downtrend and dollar index has hit a resistance a solid 6 week resistance of 98.40 and has gone just below the previous support of 97.71 (nov dec 2018)
Nasdaq and US market is in correction. i am really bummed that i did not short early and have been taking a mere 100 points on NQ but that is fine.
happy travel trading !