rufffen XAU spot gold majors trades

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Spot gold precious metals comment:

GOLD

Interesting to note that in real prices applying CPI to prices of gold in 70s 80s we can see that gold today can be priced at over 2000 per ounce even 3000 per ounce if you look gold/oil ratios with current oil prices gold might cost over 1650 per ounce givven that ECB is using 190 per barrel in forecasts for 2009-2011 you can easily derive a hefty price of 3300 per ounce.

Also many reputable IBs are revising NAV rates already meanwhile gold is already close to breaking a 1000 mark.
That the fact that SA mining outputs will struggle for at least another 2 years or even more means that there is still spectacular opportunities lying ahead. Also there is still not enough media coverage of the subject once the gold recieves more media attention be certain that there will be a chaotic wave of buying.

SILVER

This metal recieves much less attention that really is an underrated metal. Silver has posted remarkeable gains of over 35% since january 2008 alone. This is even a more spectacular result compared to gold.

apparently in real prices silver can be valued at over 100 dollars per ounce. Now that is a 500% gain over the current prices (silver just breached 20 dollar barrier is still strong).

Those two metals are heavily correlated so someone anticipating a rise in gold prices might as well be smart to invest in silver since this metal is most time lagging behind gold but will eventually catch up even outpace it in terms of growth.

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GBP USD update

Last posted scenario didn't play out as expected so here's an update with monthly z on GBP USD. Two charts one daily one 1 hour chart please see the charts for more info.

Look to sell in strong resistance zone which lower boundry is 2036. This also has confluence with the butterfly shape leg extension MM line. Lets see if this scenario actually starts to play out now.

Monthly z are as follows.

1.8895
1.9128
1.9360
1.9432
2.0041
2.0113
2.0346
2.0578

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EUR CAD setup

Here's a great setup on EUR CAD that I just spotted there are TP SL levels on the chart as well. Good for 400 pips or so. This is a position trade will take 8-12 days to trade.

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GBP USD update

watch 2234 support up to 2340 range for a reversal once the reversal is established (look for either pin bar structures at support or for rejection)
load up your shorts.

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EUR USD update

Possible the topping action we are seeing now is rejection at a key support level let's wait see for the friday close. If this will be rejected prepare to go SHORT. However I want a confirmation of topping action on GBP USD first to confirm this.

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SPOT GOLD

Gold at 1000? Not just yet. Will probably get rejected at monthly res bounce back to balance or close to it anyway. Trade ideas are to buy pullbacks maybe attempt small shorts on rejection of current res levels.

Details see the chart.

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USDJPY WEEKLY

Is this just me or is this trianle going to break out soon? Let's wait see what happens. Either way this chart just goes to show you how weak the USD really is now.