Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 5, 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 Leading Index ,Germany’s Industrial Production, Eurozone Employment and GDP, US Payroll Report, Baker Hughes Rig Count, and Commitment of Traders Report for near term direction.
In the news:
JPMorgan – Gold may be heading for decade long bull phase: https://www.miningmx.com/news/gold/38292-gold-may-be-heading-for-decade-long-bull-phase-as-recession-evokes-stimulus-of-2008/
Can Swiss refineries stay ahead of forgers?: https://www.swissinfo.ch/eng/counterfeit-bullion-_can-swiss-refineries-stay-ahead-of-forgers-/45205290?utm_source=gn&utm_campaign=swi-rss&utm_medium=rss&utm_content=o
LME’s gold, silver contracts in doubt as SocGen pulls out: https://www.reuters.com/article/us-lme-precious-gold-exclusive/exclusive-lmes-gold-silver-contracts-in-doubt-as-societe-generale-pulls-out-idUSKCN1VP2H1?rpc=401&
Gold Investment Snapshot – WGC: https://www.youtube.com/watch?v=XBiq5cB5PBY
Japan’s retail gold price clambers to highest since 1980: https://uk.reuters.com/article/japan-gold/japans-retail-gold-price-clambers-to-highest-since-1980-amid-global-economy-jitters-idUKL3N25W109
YTD Performance | 12/31/2018 | 9/5/2019 | Change | % Change | ||
Gold | 1282.5 | 1518 | 235.5 | 18.363% | ||
DX | 96.06 | 98.40 | 2.34 | 2.436% | ||
S&P | 2505 | 2976 | 471 | 18.802% | ||
JYN | 109.63 | 106.94 | -2.69 | -2.454% | ||
Euro | 1.1466 | 1.1035 | -0.0431 | -3.759% | ||
US 10-year bond yield | 2.69% | 1.565% | -0.0112 | -41.735% | ||
Oil (WTI) | 45.45 | 56.16 | 10.71 | 23.564% |
Resistance levels:
$1525 – options
$1532 – up trendline from 8/1 $1400 low
$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:
$1517-20 (triple bottom – 8/29, 8/30 and 9/2 lows, 20-day moving average)
$1506 – 9/5 low
$1500 – options
$1493-4 – 5 bottoms 8/14, 8/19, 8/20, 8/22, 8/23 lows
$1480 – 8/13 low
$1472 – 8/7 low
$1465 - 40-day moving average
$1457 – 8/6 low
$1456 – up trendline from 5/30 $1275 low
$1454 – 50-day moving average
$1450 – options
$1438 – 8/5 low