With China still on holidays with the Dragon Boat Festival, and Australian markets slowing through the Queen’s Birthday Long weekend, I’m expecting the week to just go out quietly.
It seems there is a lot of chatter about the price of Silver and I’ve chosen to pick a little on the following AFR article that crossed my screens.
Well, the weekly chart shows that maybe the headline writers are getting a little bit carried away with things just now.
Who would have thought that someone speaking on behalf of a company called ‘BullionVault’ would be bullish Gold and Silver. They wouldn’t possibly have a vested interest, would they?
Good advertising piece. But with the chart showing price pushing into short term resistance, I’m not as convinced as our friends at BullionVault and the AFR.
Speaking of advertising pieces… Into last night’s Mario Draghi address, we published this quick look at EUR/USD.
The piece was looking at a lower time frame ascending triangle pattern and whether Draghi’s speech could maybe kick the Euro to fresh new highs.
But with Draghi not having anything new to say other than calling for more than just monetary policy to help spur growth within the Eurozone, the rest of the second and third tier news releases couldn’t stop the pullback and EUR/USD gave back some of its recent gains.
Continue to manage your risk intelligently and the Vantage FX blog will be back on Tuesday after the Australian public holiday. God Save the Queen!
CNY Bank Holiday
“The Dragon Boat Festival, also often known as the Tuen Ng or Duanwu Festival, is a traditional holiday originating in China, occurring near the summer solstice.”
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This is a guest post originally appeared on Vantage FX blog. Reposted with permission.