Oil has hit a 15-month high on the back of optimism over the Opec deal which needs to be sorted out by November 30. But, with a record long position building across the combined benchmarks, a disappointment could leave some exposed. Full report to come within the hour....
Short term
Trade view / 23 September 2016 at 10:42 GMT

Trading the gold/silver ratio

Trader / Saxo Capital Markets Pte Ltd

With the Federal Reserve projecting a shallower hiking cycle, it is possible that we will see a theme of USD liquidation over the coming week.

We should see gold and silver continue to move higher in tandem with the USD liquidation theme.

In silver, we see a symmetrical triangle on the daily charts which suggests further upside once prices have broken out.

In gold, a falling wedge on the daily chart after an uptrend suggests further upside once prices have broken out.

We can trade the higher gold and silver prices through the gold/silver ratio, which is on a downtrend since March 2016...

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Source: Saxo Bank


sell XAUXAG market (~67.3).

Stop: we base our stop on 2 x ATR*, i.e. 67.3 +2 (1.23) = 69.76

(*ATR = average true range, a measure of the degree of price volatility.)

Target: when the stochastics next exhibit a bullish crossover.

— Edited by Michael McKenna

For more on commodities click here.

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