Gold for 17/06/2019

#Brent #DAX The price of GOLD appears on the verge of becoming properly interesting again. Of course, this has only occurred since we started to speculate whether  Bitcoin was becoming the new ‘contrary’ indicator for the markets, overall. But now, something quite useful seems to be awakening Gold from its recent slumbers.

Perhaps we’re being churlish, describing the metal stuck in a 300 dollar range since 2014 as a “slumber” but a glance at the chart below illustrates, despite it going up and down a bit, we’d need be generous to attribute any link to Gold behaviour with, for instance, Dow Jones behaviour. However, all this appears to be on the point of changing but with an important caveat. If the metal actually CLOSES a day above 1350 dollars – or trades beyond 1357 dollars – there is a very reasonable excuse to speculate on some coming reasonable growth.

Visually there’s a historical issue at the 1350 level, thanks to a glass ceiling being in place since June 2014. If we forget arithmetic and simply use common sense, once the shiny stuff is seen solidly exceeding this Glass Ceiling (or Flat Trend), a majority of traders will assume, correctly we suspect, Gold is heading skyward. Thus far, we’ve only one reservation regarding its prospects and we’ve circled it on the chart.

The price broke the BLUE downtrend at 1288 dollars. Since the point of trend break, the metal has closed a couple of sessions below the point of trend break. This sort of thing tends dampen enthusiasm for the future, along with fouling our calculations.

For now, we can calculate trades above 1357 should bring an initial 1385 within range. If such a level is bettered, our secondary calculates at 1401 dollars though, to be honest, it could easily continue acceleration toward 1537, a level where some hesitation seems essential.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

11:56:11AM

BRENT

61.56

60.3

59.475

58.56

61.67

61.95

62.19

62.82

60.95

11:58:15AM

GOLD

1342.32

               

Success

12:00:47PM

FTSE

7373

               

Shambles

12:02:55PM

FRANCE

5372.5

               

12:04:48PM

GERMANY

12126

12046

12014

11951

12111

12136

12148

12182

12076

12:07:48PM

US500

2890.92

               

12:13:04PM

DOW

26118.2

               

12:17:07PM

NASDAQ

7479.75

               

12:19:18PM

JAPAN

21040

               

14/06/2019 FTSE Closed at 7345 points. Change of -0.31%. Total value traded through LSE was: £ 5,550,869,325 a change of 12.74%

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