Gold is posting its 6th consecutive daily gain, the longest winning run since December as it broadens strength against bond yields and stock indices. Metals' ascending momentum is partly helped by USD weakness and indices' accelerating sell-off, leaving precious metals as the sole survivors at a time when the 4 leading crypto currencies are down between 70% and 85% year-to-date and oil is renewing its selloff. For gold bulls, 1234/6 is considered as the assumed go-to point, but as long as 1263/5 is not printed, the current move should be treated with optimism and caution. USDJPY breaking below the 55-DMA of 112.70 is worthy of note, but pair is not considered in danger until a daily close of 112 is seen. Meanwhile, the Premium short DAX trade hit its final 11050 target from 11420 entry. Although many of you have seen my analysis on the DAX mentioning the 10100 target, shorting at current level ought to be done with extreme care (pay attention to leverage and size). The Premium video will be posted ahead of the London close with more info on indices entries as well as existing USD trades.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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