Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 13, 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 this afternoon’s Commitment of Traders Report and reports Monday on China’s Fixed Assets, Industrial Production, Retail Sales, and Jobless Rate, and the US Empire State Manufacturing Index for near term direction. Looming ahead next Wednesday is the FOMC’s rate decision.
In the news:
Gold see-saw: https://www.sharpspixley.com/articles/lawrie-williams-gold-see-saw-up-in-europe-down-in-usa_296308.html
Hong Kong gold market losing shine amid political unrest: https://uk.reuters.com/article/us-hongkong-protests-gold/hong-kong-gold-market-losing-shine-amid-political-unrest-idUSKCN1VY00H
YTD Performance | 12/31/2018 | 9/13/2019 | Change | % Change | ||
Gold | 1282.5 | 1490 | 207.5 | 16.179% | ||
DX | 96.06 | 98.20 | 2.14 | 2.228% | ||
S&P | 2505 | 3012 | 507 | 20.240% | ||
JYN | 109.63 | 108.10 | -1.53 | -1.396% | ||
Euro | 1.1466 | 1.1077 | -0.0389 | -3.393% | ||
US 10-year bond yield | 2.69% | 1.891% | -0.008 | -29.598% | ||
Oil (WTI) | 45.45 | 55.12 | 9.67 | 21.276% |
Resistance levels:
$1493-4 – 5 bottoms 8/14, 8/19, 8/20, 8/22, 8/23 lows
$1498 – 9/11 high
$1498 – 9/9 low
$1500 – psychological level, options
$1501 – 9/10 high
$1503 – 9/6 low
$1506 – 9/5 low
$1509 – 9/13 high
$1515 – 9/9 high
$1515 – 20-day moving average
$1517-20 (triple bottom – 8/29, 8/30 and 9/2 lows, 20-day moving average)
$1524 – 9/12 high
$1525 – options
$1528 – 9/6 high
$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:
$1489 – double bottom - 9/12 and 9/13 lows
$1489 - 40-day moving average
$1485 - 86 – double bottom - 9/10 and 9/11 lows
$1487 – up trendline from 5/30 $1275 low
$1480 – 8/13 low
$1473 – 50-day moving average
$1472 – 8/7 low
$1457 – 8/6 low
$1450 – options
$1438 – 8/5 low