American Express told it cannot enforce anti-steering rules against merchants
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Gold markets rallied a bit during the trading session on Monday to kick off the session, but then broke down significantly. At this point, the market looks very likely to see the $1650 level as a bit of a floor, and I think at this point what we are seeing is forced liquidation by larger funds of their winnings in gold to cover their losses elsewhere. With a new oil war being kicked off by Saudi Arabia and driving prices down in that commodity, it has thrown a complete chaos into the global markets, and while gold is considered to be a safety commodity, the reality is that everything is so correlated these days that if there are massive losses elsewhere, profits have to be trimmed in order to cover the margin calls. Gold Price Predictions Video 10.03.20 At this point, I do believe that gold is a body, and therefore you can’t be a seller. If you can buy little bits and pieces of it and write out the volatility, eventually we should see a break of the $1700 level, which of course would be the next sign that this market is going higher and therefore could bring in a flood of new money in the market. The US dollar has been sold off drastically, but at this point it seems to be asking quite a bit for the markets to calm down. A little bit of caution in patients could go long way here. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Prediction – Prices Consolidate After Attempting to Rally GBP/USD Price Forecast – British Pound Spikes AUD/USD Price Forecast – Australian Dollar Sees Flash Crash To Open Up The Week US Stock Market Overview – Stock Drop Led Down by Energy; Oil Tumbles 25% GBP/JPY Price Forecast – British Pound Gets Crushed Against Japanese Yen In Risk Off Move Gold Price Forecast – Gold Prices Hit $1700 Target, Now What? View comments
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