Jim Pogoda, Senior Gold Trader, Gold Bullion International
SEP 9, 2019
Gold retraces further to $1500, retains choppy tone
Overnight – gold choppy between $1504 - $1514
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 China’s CPI, PPI, and New Yuan Loans, Japan’s Machine Tool Orders, UK Employment Change, US NFIB Small Business Optimism, and JOLTS Job Openings for near term guidance.
In the news:
China says it adds just 5.9 tonnes to gold reserves in August: https://www.sharpspixley.com/articles/lawrie-williams-china-says-it-only-adds-59-tonnes-of-gold-to-reserves-in-august_296189.html
Gold ETFs holdings near record highs: https://www.sharpspixley.com/articles/lawrie-williams-gold-etf-holdings-near-record-highs-very-positive_296153.html
YTD Performance | 12/31/2018 | 9/9/2019 | Change | % Change | ||
Gold | 1282.5 | 1500 | 217.5 | 16.959% | ||
DX | 96.06 | 98.30 | 2.24 | 2.332% | ||
S&P | 2505 | 2979 | 474 | 18.922% | ||
JYN | 109.63 | 107.18 | -2.45 | -2.235% | ||
Euro | 1.1466 | 1.1046 | -0.042 | -3.663% | ||
US 10-year bond yield | 2.69% | 1.635% | -0.0105 | -39.129% | ||
Oil (WTI) | 45.45 | 58.01 | 12.56 | 27.635% |
Resistance levels:
$1515 – 9/9 high
$1520 – 20-day moving average
$1517-20 (triple bottom – 8/29, 8/30 and 9/2 lows, 20-day moving average)
$1528 – 9/6 high
$1525 – options
$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
$1498 – 9/9 low
$1493-4 – 5 bottoms 8/14, 8/19, 8/20, 8/22, 8/23 lows
$1482 - 40-day moving average
$1480 – 8/13 low
$1476 – up trendline from 5/30 $1275 low
$1472 – 8/7 low
$1476 – up trendline from 5/30 $1275 low
$1457 – 8/6 low
$1468 – 50-day moving average
$1450 – options
$1438 – 8/5 low