On another note, I think the NFP payroll number could be 300,000+
Here me out...
US dollar has been hit hard, corporate profits UP + crude oil screaming higher. We could see more hires, to boost oil production. Plus, with the lower US$, corporate may higher more and expand. Plus stock market at near highs - so, everyone fat and happy and eating out.
Just my opinion.
It's certainly been a tough gig for the short trade this year. I remember that Jason guy trying to have a dig at me a month or two ago, saying I'm never pulling the trigger. Why would you, look at the gold price has flown to near 2015 level highs. Meanwhile, that Jason2316 guy, or whoever he is, later said he wasn't even trading the gold stocks cause too risky.
Shorting gold will be a great opportunity, purely because no market can go straight up forever. I just dont want to get burnt and lose everything I've got. So, caution is required, hence why i've umm'd and arrr'd about going short for the past five months. Seems like a good time now, although US$ gold just bounce off weekly support. We could easily see gold blast through the 2015 level high, but given we're near that level, and my thoughts that NFP will be positive, I'm confident it won't.
Anyway, probably going to short the XGD, which has doubled this year. Will get out if gold can break through last year's high. Good risk for reward at this level, IMO.
