Hi Traders,
Quite an Eventful week, and ending the weak some good profit from Crude Trade that I mentioned in my previous post. Still look for more gains as my target 37.50 has been breached, although there was small correction in yesterday thin trading(priror to ECB press conference) which was accumulate at the yesterday close and price went beyond 2 month's high and Now holding those gains comfortly
Now, As there is new week to start and we will see an American DST which will push the opening and closing bells an hour sooner as compare to winter season, there would be some great trading opportunities lies in the week ahead as we are approach March FOMC meeting as Focus now shifts from ECB to this week FOMC. So if rates put on hold and we have dovish FOMC tone then we will see Euro enjoy that rally as completely negative correlated banking policies from Eu and Fed will put retailer to bet on USD weakness.
Gold weakness target 1237 and 1215 levels again
My bet on this coming week is Gold and I am bearish on Gold next week to test the levels of 1237 and below 1215 because this was the base or origin of previous bull run. We see gold rally with Euro this past Thursday as Mr. Draghi completely deny the best of further ECB stimulus package as he see recovery on track but he also maintain the tone of more accomodative policy.
Prior to this decision Eurozone push the rates back to 0.00% which push the panic button in US and Eu yeilds and Euro hit hard to 1.0821 where it found support and breach 1.0926 level and post the biggest gain in almost 2 months, when previous ECB meeting was held in Janauary where the bulls finally take charge of the multi-year lows.
I have just recently prepare a video On How I manage to spot weakness at multi-months highs and after spotting today's trading activity, I manage to spot a trade which I think is the best way to confirm the top and looking for origins of the upmove. No targets are defined as we might see the level 1237 breached and further weakness cannot be ruled out If further pressure be put on precious metal as we also eye Chinese data through the weekend which can possibly create a gap towards the target so trade safe and enter again when trading activity resume om Monday if the level of 1258 is tested again.
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