It will be interesting to see how long this little run lasts with the big US jobs number and the (empty?) threat of a rate rise in a couple weeks. If you've been thinking about a PM buy and you can currency hedge then now might be a good time to take a small USD position, either buying cash or shorting the AUD. I'd want to get out before the big data comes out and I'd be out for the fed meeting, but given where we've been and where we are now .73 cents is looking pretty nice.
I'm wont be in a hurry to short this as it looks like we could be breaking this 7380 level (recent daily swing high on the 12th of october)
I think you are on to something here. The perfect time to call a high is when it looks like it is going higher.
All the movements overt the next 2 weeks are going to be moved by data and news, I'm very happy to be able to lock in a small part of my hedged aussie position at .730. Nobodies suggesting that you buy the farm but accumulating on a 1% up day has never seen me wrong.
Nobody is talking about the next 6 to 12 months, I said if you're looking to buy some gold before the fed meeting that today might be a good opportunity to get some usd exposure, I'm talking 6-12 days.
It rallied into key AUD data releases and now looks like we should retrace this last move a little if we didn't have the ecb meeting and payrolls this week I would probably be looking to buy again from 7240 to 7230
No kidding, the aussie traded close to .735, it's great, I pick up a little on every spike, average up. Next time the usd catches a bid and gold and the aussie go down I can switch positions from aud short to long gold and silver (plus buying a little physical). I've done it twice in the last 3 days, pretty nice price action for me (the 25 cent range in silver in particular). Eventually I'm looking for a good entry for a reasonable long term short I can hold open for months waiting for a real bottom in gold but I'm not going to be doing anything like that until after toys game of chicken with the fed is over.
Nice work phrenzy did you get all of your position filled? I was still looking for more of a stop run that didn't eventuate to catch some longs, but the rug got pulled quickly
No, I didn't stick completely to my plan and chipped away at the position to profit take until there was nothing left at 70 cents, caught most of it though, just wish I'd gone big position wise. I've decided that I will probably stick to paper silver and gold for a while with the aussie at these prices since I can trade directly usd. I think we're probably overdue for a bump in the aud/usd but I don't have good conviction on when and how much.
