Daily Forex News

May 4th, 3:40 pm by Barbara Zigah

(eToro Blog) It was reported earlier by the U.S. Department of Labor that April’s private sector or non-farms payroll data showed only 115,000 new jobs were created, well below analysts’ prediction of 170,000. March’s data was upwardly revised to 154,000 new jobs, however. Unexpectedly, the unemployment rate fell to 8.1% from 8.2%.

On Wednesday, ADP reported that only 119,000 new jobs were created in the private sector in April, falling far short of the forecast consensus of 175,000. And given the disastrous outcome of last month’s NFP, it’s possible that the estimates for April’s NFP had already been on the conservative side.

As expected, trading in the U.S. Dollar had already been somewhat subdued ahead of the announcement, and the EUR/USD pair was earlier trading lower at 1.3137 while OpenBook sentiment was bullish.

The Federal Reserve’s recent stance has been that the U.S. economy and labor sector are both showing signs of growth. This news, coupled with recent dismal data points and the worsening global outlook, could have the Fed members second guessing that stance and give rise to speculation that additional easing could be on the horizon.

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May 4th, 10:54 am by Barbara Zigah

(eToro Blog) Despite Wednesday’s disastrous ADP results which showed only 119,000 new private sector jobs had been created in April against expectations of 175,000, analysts haven’t revised down their forecast of today’s official outcome from the U.S. Bureau of Labor Statistics. In some cases, in fact, they’ve raised their estimates and are now calling for 170,000 new jobs.

Yesterday, all of Wall Street’s markets closed lower with the DJ30 down by 61.98 points the SPX500 down by 10.74 points and the NASDAQ dropped 35.55 points. Ahead of the NFP release, OpenBook sentiment on the SPX500 is overwhelmingly bearish; OpenBook trader crharnack is for all intents and purposes an indices trader, with 85.4% of the portfolio’s allocation divided among European equities and Wall Street over the past three months. Earlier today, the trader closed a pair of shorts in the SPX500 with gains of 8.96% and of 18.33% bringing the trader’s gains on that 8% exposure to 4%.

OpenBook trader heimmy’s short position in the NSDQ100 was profitably closed with a 34% gain as the tech index dropped to 2707.50. This trader’s allocation in the NSDQ100 has consistently been the highest gainer; over the past month, the trader increased the allocation from 10.9% to 29.2% for a corresponding rise in gains from 44.3% to 52.3%. For the entire portfolio, this trader has a P&L of 257.3% for the month, 118.1% for the quarter, and 127.7% at six-months. While the trader has four followers, as of yet there are no copiers but with strong and consistent returns such as these that could certainly change.

If analysts are right, equity investors will breathe a collective sigh of relief, and give Wall Street a much needed boost after the two down days. If they’re wrong, markets could initially take the news badly and panic sell but as the realization dawns that a bad NFP outcome could translate to more Fed easing, Wall Street should get its second wind.

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May 3rd, 6:44 pm by Barbara Zigah

(eToro Blog) In the U.S., a sizeable Wall Street rally precipitated by better than expected manufacturing data petered out on first Eurozone growth issues, then ADP’s disappointing employment report. At the end of the day, Wall Street closed mixed with only the NASDAQ able to pull marginally ahead. Investors will refocus on employment data; the U.S. Department of Labor reported today that initial claims for unemployment benefits fell to 365,000 in the week ending April 21, below expectations of 380,000 while continuing claims also fell to 3.276 million against expectations of 3.311 million. But the real focus will be on the Bureau of Labor Statistics NFP report which will be issued Friday morning, to get some sense as to the direction the Fed might have to take given that their dual mandate of full employment is retrogressing. Analysts are calling for a rise in the data to 170,000 new jobs in April.

In the Eurozone, the problems seem relentless and investors now have quite a few things to fret over including, among others, the outcome of the French presidential election and how a new president might impede still fragile E.U. agreements, worries of stagnant growth, Spain’s downgrade and slippage into another recession. And of course concerns of Greece, Portugal and Italy have only receded, not gone away. The ECB made the decision today to leave interest rates alone at the current 1%, and though Mario Draghi seems somewhat less sure of the Eurozone’s outlook he offered no clues as to whether any easing was in the central bank’s outlook. As the press conference ended the EUR/USD’s recovery more than made up for earlier losses with the pair moving at one point as high as 1.3178 before settling at 1.3160. OpenBook trader carbonzee had captured profits on several hedged positions ahead of the ECB, some self-initiated and others copied from OpenBook gurus babczyk and Moksel1972. Currently, one short position in the pair remains open and is showing a 3% gain with a TP set at 1.312. The trader allocates 31% of the portfolio to the pair for a 13.4% gain.

In Australia, the Reserve Bank surprised markets with a 50 basis points cut to its cash rate, which at 4.25% was among the highest of all developed economies. The central bank’s governor cited growth worries and rising concerns over Eurozone issues and a slowdown in China as reasons for the easing. As an export-oriented economy, Australia relies heavily on trade, and the recession in Europe, economic lethargy in the U.S. and a Chinese government which micro-manages its economy was putting a damper on Australia’s outlook. The AUD/USD continues to soften and is currently trading at 1.0279 only a few pips from the day’s low. Though the trader’s positions on the AUD/JPY have been better, OpenBook trader sasi83 added to Tuesday’s profits with a profitable short closed earlier and another that remains open and is currently showing a 6% profit.

For our weekly roundup of OpenBook traders we draw your attention to guru Rowaihy of Saudi Arabia who has, as of this writing, 532 followers and 180 copiers, which is by far one of the highest follower/copier ratios on OpenBook. Reading through the dialogue on this guru’s wall one will find praise and gratitude from one copier after another, with some calling him the next Waleed (Waleed0987). This guru has performed steadily since he began trading earlier this year, but the past three months have propelled the guru’s P&L numbers upward; for the week, the guru shows a 9.4% profit, for the month it is at 55.5% gain and it is capped off by 3-month earnings record of 331.8%. Over the past three months, the guru has devoted 86.9% of the portfolio to the AUD/USD pair, for a significant return of 14.9%. The other allocations include 5.2% to the USD/CHF for a gain of 5.3%, and a miniscule 0.3% allocation in gold which has yielded a gain of 16.1% over the period. A small allocation to the EUR/USD has only recently yielded a positive gain for this guru. What this guru believes is that his copiers will derive the greatest benefit over the long term, as his “strategy promotes slow but steady growth that builds up and becomes more effective and profitable over time.”

OpenBook guru shahydh from Maldives recently placed on the 6-month leader board for consistently steady profits which include a 125.2% profit over the past six months. He has become a guru in his own right by exclusively CopyTrading some of OpenBook’s most profitable gurus who include santoshtiwari, juergenj13, Moksel1972 and MPL1983. Through CopyTrade, only seven currency pairs are traded; the EUR/USD is allocated the bulk of the portfolio at 93.8% which has provided this guru with a return of 4.3% over the past six months; a 0.7% allocation in the USD/CHF pair has provided the highest gain in the portfolio at 7.8%. The remainder is comprised of the EUR/JPY (a 3.2% allocation for 4.6% gain) the GBP/JPY (0.1% for a 3.6% gain), EUR/GBP (0.2% for 2.9% gain), NZD/USD (a 1% allocation for 2.2% gain) and the GBP/USD (1% allocation for a 0.5% gain). If the past month is any indication, this guru’s ability to hand pick only successful and profitable traders speaks volumes to his trading “strategy.”

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May 3rd, 4:26 pm by Barbara Zigah

(eToro Blog) Earlier today, the ECB announced that its benchmark rate of 1% would be unchanged, in line with expectations, and investors were clearly anxious to hear the bank’s stance now given the most recent economic data, for a clue to how and when the central bank intends to address the economies’ retrogression. At the customary press conference which followed, ECB chief Mario Draghi said downside risks were impacting the economic outlook, with the most recent data highlighting the prevailing uncertainty.

After the press release, the EUR/USD slipped to 1.3131 and sentiment on OpenBook swung decidedly bullish. OpenBook trader andreaallegrucci from Italy has only been trading for the past few months, but very successfully as the trader has already earned 2 copiers and 11 followers. Within the portfolio, the EUR/USD pair is exclusively traded, which has resulted in a 79.8% gain of 22 trades executed. For the week, the trader’s P&L is 2.8%, for the month it is at 14.3% and over the quarter it is at 217.7%.

While economists polled had not been expecting the ECB to cut interest rates, Mr. Draghi’s argument of earlier this year that the Eurozone was on the verge of recovery could certainly be considered an optimistic and premature analysis. More recently, he’s stepped back somewhat from the fight against inflation as the bank’s number one priority, and hinted that the economic outlook might be deserving of more consideration. During the question and answer period he specifically said that growth has to be put back to the center of the agenda.

The EUR/USD had been under pressure ahead of the ECB announcement, as much a factor of disappointing economic data as the outcome of the Spanish bond auction. Today Eurostat reported that producer price inflation showed a decline to 3.3% in March on an annualized basis, and follows yesterday’s dismal PMI and unemployment data. Investors had hoped that that news, along with rising bond yields in today’s Spanish auction, would have been the straw which broke the ECB’s back as regards the possibility of another LTRO. Mr. Draghi said that the previous two operations still need to be assessed as they have not yet worked their way fully through the financial system.

The pair not only recovered but pushed higher to 1.3173 as the press conference drew to a close once investors realized that additional easing was not yet visible in Mr. Draghi’s crystal ball. OpenBook guru pyruss profitably closed a short position in the pair earlier, but it is his several open and profitable longs that are inching towards their respective TP which is surely holding this guru’s 678 copiers in thrall. More than 85% of this guru’s portfolio is devoted to the EUR/USD pair, with a nearly 1% gain in six months indicating that this guru and his followers are more than content to scalp small profits of this most volatile of pairs.

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May 2nd, 4:04 pm by Barbara Zigah

(eToro Blog) After a morning replete with dismal labor and manufacturing data from the Eurozone, it looks as though Wall Street won’t be able to sustain yesterday’s rally which gave investors the largest single day’s gain in more than four years. At the closing bell on Tuesday, even in subdued trading given the holiday in Europe, the DJ30 closed 65.69 points higher to 13279.32 points, the SPX500 closed at 1,405.82 points, a gain of 7.91 points, and the NASDAQ at 3050.44 points.

With Eurozone data already weighing, investors had turned their focus to ADP’s employment report which was just released. The data showed only 119,000 new jobs were created in April far fewer than the consensus of economists polled who had forecast 175,000 new jobs, which was in itself well below March’s 209,000.

While Wall Street is not yet open, but U.S. equities futures suggest it is likely to be a struggle for a repeat rally to gain any momentum. Currently, OpenBook investors’ sentiment on the DJ30  and SPX500 is predominantly bearish, while a bullish sentiment reigns on the NSDQ100. One of OpenBook’s newest traders, Jenhualiao from Taiwan, who appears to have just opened his account yesterday, profitably closed three short positions in the NSDQ100 with gains of 46%, 18% and 10%; two open short positions in the tech-heavy index are already showing gains of 30% and 34.58%. All of this trader’s 13 trades that were opened and closed yesterday returned solid profits, suggesting that this trader might be worth keeping an eye on.

Another OpenBook newcomer, trader bizchris91 from Malaysia has been profitably trading both the SPX500 and the DJ30; earlier, the trader closed out three short positions two in the SPX500 for 25.83% and 16.67% gains, and the last in the DJ30 for a 3.64% gain. Over the past six months, this trader’s 11.4% allocation to the SPX500 has yielded a 14.5% gain while a 13.2% allocation to the DJ30 has provided the trader with a 10.1% return. The trader’s P&L for the month is a not too shabby 8.6%.

Given the surprisingly poor NFP numbers from March (which followed ADP’s better than expected reading) and now the unexpectedly poor ADP outcome, it is likely that economists will be changing their outlook for the official government data which comes out on Friday. Currently, economists are predicting that Aprils NFP data will show an increase of 165,000 new jobs from March’s 120,000, but those numbers will most certainly be revised. If Friday’s labor disappoints, it will only heap additional pressure on the Fed to make good on its promise to react quickly to a deteriorating outlook.

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May 2nd, 1:22 pm by Barbara Zigah

(eToro Blog) The release of April PMI data began early this morning, and the first from China offered some signs of improvement that surely gave rise to hope for a similar pattern in the Euro area’s growth, but it was not in the cards. Nor was an improvement in the Euro area’s employment situation.

The German Statistics Office reported earlier that the unemployment rate had been revised upward to 6.8% in March, and held at 6.8% in April; a recent consensus had been forecasting a rate of 6.7%, essentially flat on the assumption that the March data would have remained unchanged. The unemployment change was also unexpectedly poor, increasing by 19,000 for the month of April against expectations of another decline of 10,000. In line with the worsening labor situation in Germany, the broader Euro area’s unemployment rate also ticked higher from 10.8% to 10.9%, which was generally in line with expectations.

PMI data for Germany and the broader EMU area was also released earlier by Markit Economics, and in both cases the readings were well below forecasts; for Germany, the manufacturing PMI slipped to 46.2 from 48.4, against expectations of a drop to 46.3. For the broader EMU, the reading fell from 47.7 to 45.9, against forecasts of a 46.0 reading. OpenBook guru santoshtiwari – the partner of guru UKTrader – closed a short position in the EUR/USD pair with a 7.75% gain. The EUR/USD is currently trading lower at 1.3178, rebounding from the low of 1.3161 which was struck just after the release of German labor data. OpenBook sentiment on the pair is overwhelmingly bullish at the present time. Over the past month, the 14% allocation in the EUR/USD pair has provided a 5.9% gain for this guru and nearly 2,100 copiers.

In China, HSBC reported that the manufacturing PMI reading improved to 49.3 in April from March’s 49.1, even as economists had predicted a decline in the reading to 48.3. For reference, 50 is representative of the point at which contraction is separated from expansion. That news gave a lift to the Aussie Dollar, which had been under pressure since yesterday when the RBA cut the benchmark rate by 50 basis points. Currently, the AUD/USD pair is trading higher at 1.0336 while OpenBook sentiment is generally bearish. OpenBook trader pote2011 from Australia bettered his record on the pair with a short position that scalped a 1% profit. This trader, who has 5 copiers and 21 followers, has allocated 92.5% of the portfolio to the AUD/USD over the past three months for a 6.2% gain, and has an overall P&L of 107.2% over the same period.

In Switzerland, the Credit Suisse/SVMI Manufacturing PMI data came in at a surprisingly low 46.9 against expectations of a rise to 53.6 from April’s 51.1 reading. OpenBook guru UKTrader has a 4.3% allocation in the USD/CHF pair which has provided him (and his 131 copiers) with a 4.5% return over the last six months. Earlier, well ahead of the PMI announcement, he closed out a long position in the pair with a 3.26% gain. The Swiss National Bank has been steadfast in its conviction to weaken the Swissie in light of the detrimental effects that the too strong currency has had on the Swiss economy but this latest news could give rise to renewed speculation that the SNB may still have to lower its ceiling.

In the aggregate, today’s economic news could change the outcome of tomorrow’s European Central Bank meeting. While it is widely expected that the ECB will hold interest rates at the current 1%, markets will be keen to hear what ECB head Mario Draghi has to say about the possibility of another LTRO in light of this worrying data.

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May 1st, 2:42 pm by Barbara Zigah

(eToro Blog) Earlier today, the Chinese Federation of Logistics and Purchasing reported April’s PMI manufacturing reading was improved at 53.5 from March’s 53.1, though it fell short of analysts’ expectations of a rise in the reading to 53.6. Nonetheless, it was enough to keep oil prices steady, with NYMEX traded WTI crude selling at around $104.79, within a few cents of Monday’s price. Analysts point out that given today’s subdued trading as a result of the International Labor Day holiday, the tepid response to the data is to be expected and that the real reaction will likely be seen when markets resume trading in earnest tomorrow. What could dampen any enthusiasm for the Chinese data are the ongoing Eurozone debt concerns and the revived worries of the U.S. economic recovery.

OpenBook trader GIANGIO65, who as of this writing has 60 followers and 1 copier, earned a profit of 5% on a closed short position earlier, which was the fourth profitable short for this trader in the past 24-hours. At six months and three months, this trader’s oil allocation has not provided him with the expected returns, but in the past month a 6% allocation has given him a 2.1% gain.

German trader fhbautz has increased his allocation in oil to 100% over the past month, and all of his 16 trades in the month were profitable, giving this trader a 10.6% gain. He currently holds one open long position which is showing a 12.73% profit currently and has a TP of 107.53. For the month, this trader’s P&L is showing a 6% gain, and is at break-even for the week.

To economists, China’s factory sector expansion, albeit off the predicted pace, suggests that China’s economy might have finally bottomed out and is due for a rebound. The International Energy Agency is predicting that China, the second largest consumer of oil, will account for almost half of the rise in global demand this year.

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May 1st, 11:44 am by Barbara Zigah

(eToro Blog)  Sentiment on OpenBook for the AUD/USD pair is predominantly bullish with investors buying the pair at the dip, now that the Reserve Bank of Australia offered a 50 basis points reduction in the cash rate – double what the consensus of analysts had been expecting. While the AUD/USD pair is currently lower by nearly 1%, the Aussie Dollar is in fact broadly softer, down more than 1.10% against the Japanese Yen, and a nearly equivalent move against the Euro.

OpenBook trader KENT1668 from Malaysia who has 907 followers and 48 copiers as of this writing, has been cashing in on the Aussie’s weakness in a big way, closing out eight short positions with gains that ranged from as little as 2% to as much as 53% while one open long position bought at 1.0333 is now showing a 1% gain. This trader allocates more than 96% of his portfolio to the AUD/USD pair which has provided him and his copiers with a 1.8% gain over the last six months, and in the last month the allocation has been raised to 100% for a gain of 6.6%.

Meanwhile, another Malaysian trader, Sasi83, caught the Aussie’s fall not only against the U.S. Dollar but against the Japanese Yen, and booked an 89% gain on a short position in the AUD/JPY. Australian local Nadine01 pitted her Aussie Dollar against the fortunes of the Euro and booked a 200% gain on a long EUR/AUD pair; she also captured profits on a pair of shorts in the AUD/USD, with profits of 46.5% and 65%. In the past six months, this trader’s 1.3% allocation to the EUR/AUD has yielded a 37.2% gain,

Glenn Stevens, the Governor of the RBA, offered investors clues that more easing could be on the way, stating that the RBA’s inflationary expectations might in fact not be realized. Markets are already considering the strong possibility of another equivalent rate cut within 12 months. In the statement, the governor said that the board determined that the 50 basis points reduction was necessary to make financial conditions easier given the current economic climate; whether banks pass that savings onto their customers is doubtful, as analysts say that in light of higher funding costs they would likely only pass through a fraction of the savings.

It’s a slightly different problem for the Reserve Bank of New Zealand, which has been under some pressure to hike interest rates in response to rising inflation. Last week, the central bank decided to leave the key lending rate at the current 2.5%. Recent data shows that wage inflation slowed over the first quarter which critics say should give the central bank a little breathing room. The NZD/USD pair is currently trading lower at 0.8146, and sentiment on OpenBook is bullish by a 4 to 3 margin. OpenBook trader adsnap booked a 24% gain on a short position in the pair which paled in comparison to the 142% gain on the AUD/USD short closed a few hours earlier.

Over the past three months, OpenBook guru Hschinner has increased his allocation in the NZD/USD pair to 26% from 11.6%, for a gain in the quarter of 5.2%. Earlier today, a short position in the pair hit its TP and closed with a gain of 5% for this guru and his 1473 copiers. For the past six months, this guru’s P&L is recorded at 113.6%, and is at 99.9% for the year.

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April 30th, 6:06 pm by Lior Alkalay

(eToro Blog) Not too long ago, Gold prices had surged higher, heading up towards $1,930, with seemingly no end in sight, and investors and analysts alike fully expected that a $2,000 record was in the bag. It didn’t quite work out that way, as the shiny stuff it seems is yesterday’s news. Investors are selling off gold like it were toxic, moving instead into assets like equities and bonds – you know, assets that actually pay. Over the past few months, gold has lost 15% of its value, dropping $280 per ounce.

There are plenty of good arguments against holding Gold and only a very few that support it. Gold bears argue that as growth picks up and the economy runs pretty much neck-and-neck with inflation so it simply makes sense to hold corporate bonds or stocks, even growth-linked energy futures; anything but gold which pays next to nothing and is already retreating off of those record highs. And this is all going down while equities’ earnings per share are exponentially multiplying, and moving higher and higher, not just in the U.S., but in Europe and Asia too, which are still far off their peaks.

Gold is now trading close to record lows, and there is a growing sense of optimism among investors’ outlook for global growth, thus some could argue that gold isn’t all that precious any longer. But is that really the case? Could Gold be losing its luster? Gold bulls say that that is an impossibility; a drop in gold prices is a gift – an opportunity for traders to buy on the dips and stockpile.

I’ve had years of experience in analyzing gold and precious metals, and I understand that Gold patterns aren’t always clear, and its weakness in fact is rather deceiving. But to find a valid argument in support of Gold, you have to go directly to the source, to the place that Gold investors flock namely GOLD SPDR ETF, Gold’s largest exchange traded fund; and where gold is physically held. There, a great deal of light can be shed on exactly where we are now in Gold’s cyclical demand.

(Data Source: Thomson Reuters)

In the above chart, SPDR ETF’s gold prices (GLD SPDR) are shown in blue, while the average volume in USD millions is shown in green. What can be seen from the chart is an interesting pattern; each time the GLD volume spikes higher there is a close correlation with a spike in GLD, which is, for all intents and purposes, the price of Gold. More importantly, as volumes bottom it is a strong indication of the start of another bullish cycle. To me, the pattern is clear; each time the volume hits bottom they move higher, when they spike the new spike is even higher. Consistently gold prices are being pushed up to new record prices. How do I explain this pattern? Once you understand the dynamics of Gold, it’s rather simple: when interest in Gold rises, volumes spike and gold prices are pushed higher. If volumes are too high that suggests that Gold speculators pushed the price into over bought territory, then volumes will bottom out. The chart suggests two clear possibilities: Gold is under-owned or its fundamentals have been under-estimated.

What of the pattern now? It is clear that volumes are bottoming out, and are consistent with the generally rising volume lows. Gold SPDR’s insights are clear: Gold is bottoming and preparing for another spike. And what of that gold spike? You may recall that I had suggested not too long ago that a Gold spike might “spook” central bankers, causing them to retreat a bit. Well, I still believe that could happen. Now, Gold buying makes a lot of sense, as it would give investors another hedge against a market quickly becoming overheated.

Only a week ago, prior to the release of data which proved that the U.S. and U.K. economies were slipping backing, trying to make a legitimate case for Gold could have put me on shaky ground. But my how things change in a week’s time. Growth is clearly ebbing, and there is a renewed sense that central banks will have to respond to that, and with that comes the possibility that inflation might out-pace growth and with a good case made for higher inflation you also have a valid argument in Gold’s favor.

I believe that if we see a weekly and sustained break of $1,700, it will confirm GLD’s insights. Whether it will transmute into a price spike above recent records remains to be seen, but it is clear that Gold prices are getting ready to move into the $1,800 to $1,900 range.

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April 30th, 1:42 pm by Barbara Zigah

(eToro Blog) With expectations now raised that the Federal Reserve Bank might be even more accommodative than they already are given the latest disappointing data, gold prices are approaching a 2-week high and are on track to record a fifth straight day of gains, as investors are once again seeking safe haven assets. Some precious metals strategists believe that the bull run is likely to continue at least through 2014, and suggest not only going long on gold (of course, buying at the dips), but that investors should also go long on silver, which tends to track gold’s trend.

In a recent article, eToro Senior Analyst Lior Alkalay wrote that in light of the changing situation, i.e. the outlook for global growth deteriorating and the possibility that inflation might out-pace it, gold bulls have a valid argument, and for him, it is clear is “that Gold is gearing up to move into the higher range of $1,800 to $1,900.”

Gold prices are currently trading higher at $1665.80 per ounce, while silver is trading lower at $31.29 per ounce and is set to finish off the month the second consecutive monthly loss; investors’ sentiment on OpenBook is bearish gold and bullish silver.

OpenBook trader marooka2011 from Egypt had his first foray with silver turn into a profitable one when he closed out a short position with a 10.5% profit. Since this trader began trading on OpenBook less than three months ago, he has already gained five followers which can largely be attributed to consistency in his profits; at the 1-month level he has a recorded profit of 15.5% 3-months at 93.9% and 6-months at 98.9%.

Gold guru javiviveloz has continued to hold a predominantly bullish bias over the past month, and has a 9.8% profit to record for the month and nearly 48.9% for the quarter which improves at the six months level. The guru, who has 95 copiers, has several dozen open long positions, but four which were opened less than two weeks ago are all now showing a profit which ranges from 7.11% to 8.64%, however they eave have quite a way to go before they will hit their TP which is set at $1714.

Some analysts also believe that silver prices will benefit just as much from the Fed’s stance, if not more and over a longer period because it will not only move with gold’s momentum, but has industrial factors as underlying fundamentals to help support price movements.

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