Leaderboard update as Gold rockets higher on US dollar weakness

How do you describe someone who has made 1,900% in less than a month?

As you can see from the leaderboard screenshot below (as of the screen capture), the 1,900% in gains has seen his total Equity briefly surpass $40,000.

And incredibly, this is all from focusing exclusively on Gold but with a buy and hold strategy, as opposed to actively trading in and out day after day.

The first five positions highlight how tough it is to get into the top 5 each month, with 5th place currently sitting on gains of 142%.

With a full five trading days left for the month, it will be interesting to see how positions 2nd through ten change.

But remember, we are highlighting the leaders. It is important for you to understand that leveraged trading comes with risks, and you can lose more than your starting balance.

Here’s the current leaderboard.

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Gold prices surge as investors consider safe-haven assets

Prior to the breakout, we called the potential breakout in Gold, citing the ascending triangle pattern.

Of course, it is one thing to cite a chart pattern, and another to maximise every possible opportunity for your trading account when the market rockets higher.

Zhen Wang has managed to remain patient and intelligent, as he has only ever focused on trading gold and is still to close even one position.

Instead, Mr Wang has ridden the Gold express train from his initial open to the current record closing highs.

Gold has seen an impressive breakout of 5.5% in just seven trading days, pushing the equity of all our top traders to incredible levels.

Many analysts are suggesting the global economic uncertainty, the US-China disputes and the ongoing concern around the Coronavirus as the reason Gold has had this ‘safe-haven surge’ higher.

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Eurodollar continues to push higher on US dollar weakness

Despite a backdrop of economic weakness, the Eurodollar has been surging higher, mainly on US dollar weakness.

The European economy is currently having to contend with the dreaded ‘2nd wave’ of Coronavirus, as stricter controls come into place for all businesses.

What impact will this have on the economy?

Only time will tell.

Right now, traders are more focused on capturing the move from above the 1.1450 breakout level.

But there are two interesting forces that technical traders will be watching closely.

And that is the overbought nature of the Eurodollar plus the oversold reading on the US dollar.

Something has to give, and all we know for sure is that volatility is going to favour short-term traders as we head into the final week of trading.

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Bitcoin tests the $10,000 level but fails to close above

While the interest in Bitcoin among the Trading Cup contestants is low, there is no doubt many are watching the cryptocurrency with cautious enthusiasm.

From a technical point of view, Bitcoin has been in a range since late April, unable to break out of the highs or lows respectively.

But you can see in the chart below how the lows have held since mid-May, with the market pushing more towards a breakout to the topside.

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Will we see a confirmed break and close above the $10,000 - $10,390 level (recent short-term high)?

Range-bound traders will be looking to short any strength at current levels as the market sits overbought in an uptrend, while breakout traders will be waiting for the $10,400-ish level to get excited.

What will you be trading over the final week? Will we see Gold continue higher or have a considerable pullback?

Will Bitcoin break through resistance and rocket even higher or will the current resistance prove too challenging, and we see a pullback to support?

So many possible scenarios for all traders to consider.

Be sure to trade your plan in a risk-averse fashion and remember, trading involves risk, and you can lose more than you start with.

Are you ready to join the next Stage? Click here to register an account.​​

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Ashley Jessen // Author of CFDs Made Simple, Head of Marketing at ACY Securities

Ashley Jessen is the author of CFDs Made Simple and Head of Marketing at ACY Securities. He has been in the financial services industry since the year 2000 and worked for some of the leading companies in the CFD, Forex and Online Trading space.