Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 17, 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 Rate Decision and Trade Balance, UK CPI and PPI, Eurozone CPI and Construction Output, US Housing Starts, Building Permits, Oil Inventories, and the FOMC statement and Powell Press Conference for near term direction.
In the news:
Divided Fed set to cut interest rates, but then what?: https://www.reuters.com/article/us-usa-fed-divided/divided-fed-set-to-cut-interest-rates-this-week-but-then-what-idUSKBN1W20DS
Investors pull gold from Hong Kong as tensions rise: https://www.ft.com/content/17d289d8-d647-11e9-a0bd-ab8ec6435630
China Gold hunting for deals: https://www.bloomberg.com/news/articles/2019-09-16/china-gold-is-hunting-for-deals-worth-as-much-as-2-billion
JP Morgan’s metals desk was a criminal enterprise US says: https://www.bnnbloomberg.ca/jpmorgan-s-metals-desk-was-a-criminal-enterprise-u-s-says-1.1316854
YTD Performance | 12/31/2018 | 9/17/2019 | Change | % Change | ||
Gold | 1282.5 | 1502 | 219.5 | 17.115% | ||
DX | 96.06 | 98.21 | 2.15 | 2.238% | ||
S&P | 2505 | 3006 | 501 | 20.000% | ||
JYN | 109.63 | 108.12 | -1.51 | -1.377% | ||
Euro | 1.1466 | 1.1074 | -0.0392 | -3.419% | ||
US 10-year bond yield | 2.69% | 1.810% | -0.0088 | -32.614% | ||
Oil (WTI) | 45.45 | 59.02 | 13.57 | 29.857% |
Resistance levels:
$1507 – 9/17 high
$1512 – 9/16 high
$1515 – 9/9 high
$1519 – 20-day moving average
$1520 – down trendline from 9/4 $1557 high
$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:
$1500 – psychological level, options
$1494-96 – double bottom – 9/16 and 9/17 lows
$1492 – up trendline from 5/30 $1275 low
$1491 - 40-day moving average
$1489 – double bottom - 9/12 and 9/13 lows
$1485 - 86 – triple bottom - 9/10, 9/11, and 9/13 lows
$1480 – 8/13 low
$1476 – 50-day moving average
$1472 – 8/7 low
$1457 – 8/6 low
$1450 – options
$1438 – 8/5 low