Select Language

Gold is the new bitcoin - TDS

Breaking news

Gold is the new bitcoin - TDS

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.08 00:01
Gold is the new bitcoin - TDS

update 2024.11.08 00:01

Gold is trading like bitcoin now, but a comprehensive flows-based approach doesn't corroborate the last leg of this rally, TDS' Senior Commodity Strategist Daniel Ghali notes.

Downside momentum likely to accelerate below $2580

"The momentum break experienced on election day typically marks the end of such moves. But if that is the case, what can we expect from here? The melt-up has created a notable margin of safety for macro fund positions, which now hold significant paper profits on their extremely bloated length. Large scale selling activity from CTAs will only kick off below $2580/oz."

"Given downside momentum is only likely to accelerate below this threshold, other cohorts will have to do the heavy lifting. Overall, this suggests the most vulnerable cohorts are ETF holders, given their recent inflows and Shanghai traders, who are still holding onto their near-record length."

"Don't forget how significant TINA has been for this cohort -- the last weeks have seen significant selling activity in Shanghai concurrently with improving Chinese sentiment. Silver, on the other hand, is more vulnerable to CTA selling activity in a continued downtape, but even a flat tape will likely lead trend following algos to reaccumulate their recently shed length."


Date

Created

 : 2024.11.08

Update

Last updated

 : 2024.11.08

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/GBP gathers strength above 0.8300 after downbeat UK Retail Sales data

The EUR/GBP cross gains momentum to near 0.8330 during the early European session on Friday.
New
update2024.11.22 16:17

GBP/JPY holds ground near 194.50 following disappointing UK Retail Sales, PMI awaited

GBP/JPY remains steady around 194.50 during the early European hours, following the lower-than-expected UK Retail Sales figures for October released on Friday.
New
update2024.11.22 16:15

UK Retail Sales decline 0.7% on a monthly basis in October vs. -0.3% expected

The UK's Office for National Statistics (ONS) reported on Friday that Retail Sales declined 0.7% on a monthly basis in October.
New
update2024.11.22 16:06

Forex Today: US Dollar climbs higher as focus shifts to PMI data

Here is what you need to know on Friday, November 22: Following a quiet European session, the US Dollar (USD) regathered its strength in the second half of the day on Thursday and continued to push higher early Friday, reaching its highest level since October 2023 above 107.00.
New
update2024.11.22 15:50

AUD/JPY falls below 100.50 as the likelihood of a BoJ rate hike next month revives

AUD/JPY continues its decline, nearing 100.30 during the Asian trading hours on Friday.
New
update2024.11.22 15:07

USD/CAD Price Forecast: Bulls have the upper hand while above mid-1.3900s pivotal support

The USD/CAD pair edges higher during the Asian session on Friday, albeit it lacks follow-through buying and remains below the 1.4000 psychological mark amid mixed cues.
New
update2024.11.22 14:38

USD/CHF weakens to near 0.8850 ahead of US PMI data

The USD/CHF pair trades with mild losses around 0.8860 during the early European session on Friday.
New
update2024.11.22 14:32

EUR/USD depreciates to yearly lows near 1.0450, awaits PMIs from both nations

EUR/USD remains on a downward trend for the third consecutive session, hovering around 1.0470 during the Asian trading hours on Friday.
New
update2024.11.22 13:44

EUR/JPY bounces off multi-month low, down a little around 161.70 ahead of Eurozone PMIs

The EUR/JPY cross attracts some follow-through selling for the second straight day and drops to its lowest level since October 4 during the Asian session on Friday, albeit it managed to rebound a few pips thereafter.
New
update2024.11.22 13:37

India Gold price today: Gold rises, according to FXStreet data

Gold prices rose in India on Friday, according to data compiled by FXStreet.
New
update2024.11.22 13:37

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel