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Hold Gold?

Posted 11-23-2009 at 03:39 PM by fxKnight.com (FXKnight)

Andrei Pehar, Chief Currency Strategist, fxKnight.com

Over the last week, Gold again hit new record prices – hitting our long-term weekly target at 1133.24.

There is speculation that since India recently bought 200 metric tons from the IMF and increased its holdings to 6% that China will follow. China is the largest producer and consumer of gold in the world.

Many economists expected that the sale of gold to India by the IMF would cause the price of gold would fall. However, the bottom did not fall out because this purchase was known a year in advance, and the markets have already largely priced this news in. This is after all not a change in the balance of supply and demand, it is simply a change...

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The Yen vs. the Dollar - Double Entendre?

Posted 11-11-2009 at 03:32 PM by fxKnight.com (FXKnight)

The Yen vs. the Dollar - Double Entendre?

Andrei Pehar, Chief Currency Strategist, fxKnight.com

US Treasury Secretary Timothy Geitner was in Japan talking with Japanese reporters today, where he stated "I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar."

Meanwhile the question that remains is whether the Bank of Japan intervene if the USD/JPY breaks below 88.00 as they have in the past. The bank is silent on this subject at the moment.

Which brings us to this week’s truth-telling Fibs.

On October 7th, price reached a low at the end of a long-term downtrend at 88.03...

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An Interesting Chart

Posted 11-02-2009 at 04:25 PM by fxKnight.com (FXKnight)

An Interesting Chart- The USD/CAD Weekly
Andrei Pehar, Chief currency Strategist, fxKnight.com

We've got a great Fibonacci pattern here, with divergence as well. The first time we bounced up the resistance held. Price touched the envelope and bounced up again after hitting the 127% extension at 1.0166 as well.

We are once again moving up. The 21 EMA is on it's way to meet us at the 0% Fib at 1.0782 where a third divergence forming as well.

What happens next will depend on whether this level holds as resistance or breaks and becomes our new support. If it holds as resistance, we could possibly move back down to 1.0372, and 1.0166 after that. The ultimate downside of this Fib is at 0.9911...

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Where Now, Mr. Dow?

Posted 10-20-2009 at 03:44 PM by fxKnight.com (FXKnight)

Andrei Pehar, Chief Currency Strategist, fxKnight.com

Looking at a very long-term view of the Dow on the weekly chart, price reached a peak high on Oct 7th, 2007 at 14198.00 and reached a low on March 1st, 2009 at 6474.09. As of this writing, the Dow is currently about half-way between the 38.2 and 50.0% retracement levels of this move.

On Oct. 2nd, 2009, price on the Dow hit the 38.2% level of the weekly Fib, and the 61.8% retracement level on the daily Fib at 9420.69

Last week price snapped to the 118% extension on the daily and bounced down.

The long-term targets to the upside would be the 10334.08 at the 50% level on the weekly Fib, and the daily 161.8 extension at 10483.90...

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Andrei Pehar, Sr. Currency Strategist, fxKnight.com

Andrei is a private fund manager, consultant to management, and a sought-after speaker and coach for professional traders and individual investors alike. At a young age he was already playing in professional chess tournaments, and went on to further hone his strategic skills through years spent studying Japanese martial arts. From both worlds, he brings with him a unique perspective to the financial markets.

His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts.

Andrei is a regular contributor to BabyPips, DailyFX, and FXStreet. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques. His site fxKnight.com provides free tools and strategies for professional traders and individual investors (including live chat, strategy forums, training videos, worldwide market news, and streaming ForexTV).

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