Happy Monday everyone. I’ve got my eyes on gold this morning which touched hourly support on Friday and has been pushing sideways since the Sunday open. The daily panel is looking extremely tantalizing as gold futures have been painting a sideways pennant with a diagonal support line which is currently backed up by a stack of daily Net-Line Buy Levels.
That’s right – the Mole is back! But this time it’s without any vengeance as I feel zen to the max after nearly two weeks of soul soothing silence on the beautiful island of Tenerife. Fortunately the journey back to Valencia was mostly uneventful; the exception being a plane full of Spaniards prepared to riot when they were told that they needed to remain in their seats until our plane had actually stopped at the gate. I humbly suggest that any airline operating within the Spanish peninsula equip their flight attendants with whips and cattle prods. Apparently verbal instructions issued by the pilot or flight crew are considered to be mere suggestions. May I add that [...]
What goes [straight] up must eventually go down. However when exactly a symbol which has turned exponential runs out of fuel is the more important question. Once emotions reign high all bets are off – or in this case all bids are on. You may recall that I was pointing at gold the other day and suggesting that we may see another wild push to the upside.
Which is exactly what we got and I’m pretty glad I got out of my short position at break/even. We are now seeing an obligatory pullback but medium term this thing may have legs.
Just FYI – the P&F claims that we met the bullish price objective. However I wouldn’t really think [...]
I’m sure you’ve heard the news by now – in a surprise move the BOJ introduced negative interest rates, which caused for some interesting spikes across all JPY crosses. And I may I add that Kuroda was quoted by Reuters just a week ago that he had no plan to adopt negative rates now. Well, in his defense – he did explicitly say ‘now’ – by which he only could have meant ‘right now, this second’. Nobody asked him about the following week, did they?