Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 6, 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 Monday on China’s Trade Balance and New Yuan Loans, Japan’s Trade Balance, GDP, and Economy Watchers Survey, Germany’s Trade Balance, Eurozone Sentix Investor Confidence, UK Industrial Production and Trade Balance, and US Consumer Credit for near term direction.
YTD Performance | 12/31/2018 | 9/6/2019 | Change | % Change | ||
Gold | 1282.5 | 1506 | 223.5 | 17.427% | ||
DX | 96.06 | 98.40 | 2.34 | 2.436% | ||
S&P | 2505 | 2979 | 474 | 18.922% | ||
JYN | 109.63 | 106.92 | -2.71 | -2.472% | ||
Euro | 1.1466 | 1.1025 | -0.0441 | -3.846% | ||
US 10-year bond yield | 2.69% | 1.560% | -0.0113 | -41.921% | ||
Oil (WTI) | 45.45 | 56.58 | 11.13 | 24.488% |
In the news:
BlackRock has bias toward precious metals: https://tinyurl.com/yxbfxjvp
Gold and emerging markets: https://www.gold.org/goldhub/research/gold-investor/gold-and-emerging-markets
Resistance levels:
$1517-20 (triple bottom – 8/29, 8/30 and 9/2 lows, 20-day moving average)
$1528 – 9/6 high
$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:
$1506 – 9/5 low
$1503 – 9/6 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