Still looking at gold getting kicked. $1650 support broken. At this rate $1600 support will be taken out too. This is what thin liquidity does. Extreme volatility. As a swing trader such an environment is not conducive. A lot of carry is being unwound this week as trading desks close for festive season & this will continue to boost USD and nail EUR, AUD & NZD.
EURUSD has now tested & taken out 1.3145 & 1.3040 support levels. Next is 1.2815 and then the gap up zone of 1.24 - 1.25. Only then can I start changing my euro bear sentiment @ sub 1.24.
GBP - this one will be creamed in 2012 and Cameron's veto last week is the trigger. Hii poundi itapingwa mateke bila huruma. Will it be a repeat of ERM crisis. Only time will tell...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!