Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 11, 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 Japan’s Machine Orders and Tertiary Industry Index, China’s Foreign Direct Investment, Germany’s CPI, Eurozone Industrial Production, ECB Rate Decision, US Real Weekly Earnings, CPI, Jobless Claims, and comments from the ECB’s Mario Draghi for near term direction.
In the news:
WGC – Gold – the most effective commodity investment: https://www.gold.org/goldhub/research/gold-when-investing-in-commodities
The ECB decision is coming - here’s what to expect: https://www.marketwatch.com/story/the-ecb-decision-is-coming-heres-what-to-expect-2019-09-11
Gold, bond prices nearing peak – Jim Cramer: https://www.cnbc.com/video/2019/09/10/gold-bond-prices-nearing-peak-says-jim-cramer.html
YTD Performance | 12/31/2018 | 9/11/2019 | Change | % Change | ||
Gold | 1282.5 | 1496 | 213.5 | 16.647% | ||
DX | 96.06 | 98.63 | 2.57 | 2.675% | ||
S&P | 2505 | 2992 | 487 | 19.441% | ||
JYN | 109.63 | 107.76 | -1.87 | -1.706% | ||
Euro | 1.1466 | 1.1006 | -0.046 | -4.012% | ||
US 10-year bond yield | 2.69% | 1.737% | -0.0095 | -35.331% | ||
Oil (WTI) | 45.45 | 56.04 | 10.59 | 23.300% |
Resistance levels:
$1498 – 9/11 high
$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:
$1493-4 – 5 bottoms 8/14, 8/19, 8/20, 8/22, 8/23 lows
$1485 - 86 – double bottom - 9/10 and 9/11 lows
$1486 - 40-day moving average
$1481 – up trendline from 5/30 $1275 low
$1480 – 8/13 low
$1472 – 8/7 low
$1471 – 50-day moving average
$1457 – 8/6 low
$1450 – options
$1438 – 8/5 low