Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 10, 2019
Looking ahead
All markets will continue to focus on geopolitical events (especially Brexit news and US / UK - Iran tensions, Hong Kong protests), developments with the Trump Administration (especially on US-China trade, potential legal issues), oil prices, and will turn to reports tomorrow on China’s Foreign Direct Investment and New Yuan Loans, US PPI, Wholesale Trade Sales, Wholesale Inventories and Oil Inventories for near term direction.
In the news:
Citigroup says cuts in Fed rates, global recession risks could propel gold above $2000: https://www.scmp.com/print/business/money/wealth/article/3026521/citigroup-says-cuts-fed-rates-global-recession-risks-could
Gold trading volumes continue to rise: https://www.gold.org/goldhub/gold-focus/2019/09/gold-trading-volumes-continue-rise
BlackRock Gold ETF assets jump to record: https://www.bnnbloomberg.ca/blackrock-gold-etf-assets-jump-to-record-in-bet-on-metal-s-rally-1.1313545
HANetf and The Royal Mint sign agreement to develop gold ETC: https://www.etfworld.co.uk/hanetf-the-royal-mint-sign-historic-agreement-to-develop-gold-etc/
YTD Performance | 12/31/2018 | 9/10/2019 | Change | % Change | ||
Gold | 1282.5 | 1487 | 204.5 | 15.945% | ||
DX | 96.06 | 98.40 | 2.34 | 2.436% | ||
S&P | 2505 | 2979 | 474 | 18.922% | ||
JYN | 109.63 | 107.53 | -2.1 | -1.916% | ||
Euro | 1.1466 | 1.1042 | -0.0424 | -3.698% | ||
US 10-year bond yield | 2.69% | 1.730% | -0.0096 | -35.592% | ||
Oil (WTI) | 45.45 | 57.51 | 12.06 | 26.535% |
Resistance levels:
$1493-4 – 5 bottoms 8/14, 8/19, 8/20, 8/22, 8/23 lows
$1498 – 9/9 low
$1500 – psychological level, options
$1501 – 9/10 high
$1503 – 9/6 low
$1506 – 9/5 low
$1515 – 9/9 high
$1519 – 20-day moving average
$1517-20 (triple bottom – 8/29, 8/30 and 9/2 lows, 20-day moving average)
$1528 – 9/6 high
$1525 – options
$1535 – 8/13 high
$1549 - $1550 –triple top - 8/26, 8/29, and 9/3 highs
$1553 – 9/5 high
$1557 – 9/4 high
$1591 – 4/7/13 high
$1600 – options
$1604 – 3/31/13 high
$1614 – 3/24/13 high
Support levels:
$1487 – 9/10 low
$1484 - 40-day moving average
$1480 – 8/13 low
$1479 – up trendline from 5/30 $1275 low
$1472 – 8/7 low
$1476 – up trendline from 5/30 $1275 low
$1457 – 8/6 low
$1469 – 50-day moving average
$1450 – options
$1438 – 8/5 low