Trends and Targets for 17/09/2018

Some Golden Thoughts. In dollars! #BRENT #DAX FACT: Golden Retrievers never, ever, retrieve #Gold ! We have two at home and both have proven failures. Otherwise… any time we mention a commodity, we prefer using the “Rolling Daily” values rather than confuse the issue by pricing up Monthly Futures Contracts. Our method gives a firm indication of direction, something generally lacking due to the last of historical data for a new contract period.

Thankfully, most companies dealing in GOLD futures appear to be using “Rolling Daily” to give spot prices whereas, rather madly, quite a few chart providers attempt to give Futures or Option contract prices. It sometimes feels they all revel in providing a confusion of information. Our own attitude is fairly simple. We collate the numbers since the beginning of time and measure strength of movements. Only then do we risk confusion by projecting movements which have not yet happened!

At time of writing, Gold Spot is trading around 1193.4 and it has a problem, should it continue to weaken below 1180. For some reason, the 1180 number has assumed a degree of self importance and the immediate situation calculates – quite firmly – of market closure below 1180 opening the door for further weakness down to 1120 dollars.

We would expect some sort of bounce at the 1120 point. But should the Spot Price close a session below 1120, we shall next mention 1025 as the eventual bottom. Interestingly, the visuals suggest some sort of real bounce can be planned for at such a point, given the prior lows of three years ago.

Surprisingly, the market does not require much action to escape the immediate pace of descent. The thick BLUE downtrend line is currently at 1230 and movement above calculates with an initial target at 1260. In itself, this is fairly useless but does tick a faint box to suggest the price has bottomed. The secondary target, if 1260 bettered, comes in at 1354 and betters the downtrend since 2010. Unfortunately, if this set of circumstance arises, the visuals demand any rise should stutter at the 1354 level, simply due to the glass ceiling which lies in wait.

Unless, of course, a world leader manages do something stupid!

For now, we shall not be aghast if 1120 eventually makes an appearance.

Chart goes here

 

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:07:03PM

BRENT

77.87

77.1

76.145

74.91

78.27

78.54

78.96

79.58

77.1

Shambles

10:09:04PM

GOLD

1194.01

Success

10:11:12PM

FTSE

7308.61

Shambles

10:13:46PM

FRANCE

5352

‘cess

10:16:13PM

GERMANY

12125

12074

12057.5

12031

12130

12129

12141

12235

12070

10:18:30PM

US500

2905.02

‘cess

10:25:06PM

DOW

26140.3

10:28:22PM

NASDAQ

7541

‘cess

10:31:03PM

JAPAN

23243

Success

14/09/2018 FTSE Closed at 7304 points. Change of 0.32%. Total value traded through LSE was: £ 7,692,584,165 a change of -0.13%
13/09/2018 FTSE Closed at 7281 points. Change of -0.44%. Total value traded through LSE was: £ 7,702,800,654 a change of -12.29%
12/09/2018 FTSE Closed at 7313 points. Change of 0.55%. Total value traded through LSE was: £ 8,782,533,108 a change of 9.2%
11/09/2018 FTSE Closed at 7273 points. Change of -0.08%. Total value traded through LSE was: £ 8,042,792,002 a change of -0.09%
10/09/2018 FTSE Closed at 7279 points. Change of 0.03%. Total value traded through LSE was: £ 8,050,026,757 a change of -26.36%
7/09/2018 FTSE Closed at 7277 points. Change of -0.56%. Total value traded through LSE was: £ 10,931,787,277 a change of 12.39%
6/09/2018 FTSE Closed at 7318 points. Change of -0.88%. Total value traded through LSE was: £ 9,726,599,947 a change of 2.33%

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