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Gold plunges further – Is it time to buy? Morning Report: 08.30 London
• This morning, Asian markets were mixed ahead of tomorrow’s Bank of Japan meeting. The European session has started with slight negative bias, with the US dollar index pushing higher again and the euro slipping lower.
• Coming up today we have UK construction PMI at 09.30, with an improving environmen t expected.
•From 13.15 we switch to the US with ADP non farm employment change and ISM non manufacturing PMI at 15.00.
Bet Idea:
• With Gold’s recent sell off, is it now a time to buy?
• A bespoke indicator that measures the spread between gold and its parabolic is starting to give a buy signal, but it is only a moderate one at this point in time. This is especially the case when you look at the longer term scenario on the monthly and weekly charts. In short, gold’s sell off has not reached extreme levels yet.
• Still, there could be room for some upside, but this is certainly a scenario where reducing position size and taking any profits early would be sensible.
Gold plunges further – Is it time to buy?
Morning Report: 08.30 London
• This morning, Asian markets were mixed ahead of tomorrow’s Bank of Japan meeting. The European session has started with slight negative bias, with the US dollar index pushing higher again and the euro slipping lower.
Click here to view full-sized image
Click here to view full-sized image
• The big movement is once again on gold, with the precious metal off by another 0.56% this morning.
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Coming up today:
• Coming up today we have UK construction PMI at 09.30, with an improving environmen
t expected.
• From 13.15 we switch to the US with ADP non farm employment change and ISM non manufacturing PMI at 15.00.
Bet Idea:
•
With Gold’s recent sell off, is it now a time to buy?
• A bespoke indicator that measures the spread between gold and its parabolic is starting to give a buy signal, but it is only a moderate one at this point in time. This is especially the case when you look at the longer term scenario on the monthly and weekly charts. In short, gold’s sell off has not reached extreme levels yet.
Click here to view full-sized image
• Still, there could be room for some upside, but this is certainly a scenario where reducing position size and taking any profits early would be sensible.
• A HIGHER trade on gold predicting that it will close above $1580 in 7 days time could return 191% if successful.
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This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary
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