rufffen XAU spot gold and majors trades

[rufffen]

Spot gold and 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 and even 3000 per ounce, if you look and gold/oil ratios with current oil prices gold might cost over 1650 per ounce and 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 and rates already, meanwhile gold is already close to breaking a 1000 mark.
That and 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 and 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.

And 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 and 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 and even outpace it in terms of growth.

[rufffen]

GBP USD update

Last posted scenario didn't play out as expected, so here's an update with monthly zones 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 and MM line. Lets see if this scenario actually starts to play out now.

Monthly zones are as follows.

1.8895
1.9128
1.9360
1.9432
2.0041
2.0113
2.0346
2.0578

[rufffen]

EUR CAD setup

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

[rufffen]

Also, since quite a few people are reading this thread, I would like to exchange betonmarkets intraday strategies, Im interested in double up and double down strategies that you use. Feel free to PM me!

[rufffen]

GBP USD update

watch 2234 support and 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.

[rufffen]

EUR USD update

Possible the topping action we are seeing now is rejection at a key support level, let's wait and 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.

[rufffen]

SPOT GOLD

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

Details, see the chart.

[rufffen]

USDJPY WEEKLY

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