IIFT Daily Note with Peter Brown

Gold

Posted by:  |  Time: 8:12 am  |  Topic:  |  Comments: 1
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Nothing much on fx so looking at gold. Interesting price movements, Good recovery from 1324, then falls back yesterday followed by a new high. Looks like a bottoming out formation with new leg to target news highs above 1425. Price action is choppy so need deep stops.

Elsewhere straddle trade on Oil worked well yesterday. Pretty reliable way to make some points in this directionless market.

One Comment

Peter Brown

January 28, 2011

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Well thank God for stops, that move was crasy. If this market is just running stop runs and ending back at par , this morning price actiop should be fun. We have been 1322 to 1337 back to 1325 then 1348 then 1310, what chances 1350?
Nothing much on fx, keep an I on the JPY, could go into a long term trend here, Not confirmed yet.
For points keep doing the straddle trade.