Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 18, 2019
Looking ahead
All markets will continue to focus on geopolitical events (especially Brexit news and Saudi - 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 FOMC statement and Powell Press Conference and reports tomorrow on Japan’s Rate Decision and All Industry Activity Index, UK Retail Sales, US Jobless Claims, Philly Fed, Existing Home Sales, and Leading Index for near term guidance.
In the news:
Fed loses control of its own interest rate: https://www.cnbc.com/2019/09/18/fed-loses-control-of-its-own-interest-rate-on-day-of-big-decision-this-just-doesnt-look-good.html
Gold firms above $1500 ahead of Fed decision: https://uk.reuters.com/article/global-precious/precious-gold-holds-above-1500-eyes-fed-decision-idUKL3N26938L
Oil price jump highlights gold’s lower volatility: https://www.gold.org/goldhub/gold-focus/2019/09/oil-price-jump-highlights-gold%E2%80%99s-lower-volatility
Resistance levels:
$1511 – 9/18 high
$1512 – 9/16 high
$1515 – 9/9 high
$1516 – down trendline from 9/4 $1557 high
$1519 – 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:
$1507 – 9/17 high
$1500 – psychological level, options
$1500 9/18 low
$1494-96 – double bottom – 9/16 and 9/17 lows
$1495 – 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