Indeed the hottest forex tool right now is gold. Such volatility on precious metal hasn’t taken place for a long time (since 2011).
Gold is being clearly merged. The gold has been falling for the second trading day (gold has been descending during Friday, Monday). And there are no grounds to assume that this fall will stop in the next Tuesday.
However one should remember that with these great movements the possibility of abrupt and volatile short term resistance of quotations is very high. It is important to be careful with “hunting stops” on gold. A recommendation on this tool is universal right now – keep sales and attract stop losses, fixing the major part of the income.
With the growth of gold the descent of quotations of Euro, pound, yen look small. It is important to note that current descent on these pairs demonstrates the deployment of ascending tendency. That is why it is possible to carry out short sales on EURUSD and GBPUSD it is not recommended to occupy short positions oh USDJPY, since the possibility of growth continuation is pretty big. It is better to stay outside the market on this pair.
Social button for Joomla