Brent Crude & Gold for 22/04/2020

#Nasdaq #SP500 Gold isn’t behaving properly. Our previous Big Picture analysis (link) against the metal proved very successful but despite exceeding target levels, price movements are as reliable as UK Govt Minister statements. We really do not trust Gold at present.

If we step back and review the Big Picture, the metal only need bubble above 1746 dollars to next make an attempt at 1804 with secondary, if exceeded, a longer-term top of 1909 dollars. Visually, with the secondary target matching the highs of 2011, the price is almost certain to experience a stutter if such a level appears.

However, similar to Ministerial statements, something a bit dodgy is going on. The price now needs only melt below 1657 and a downhill drip to an initial 1627 looks very possible. If broken, secondary is at 1534 and if it appears, we shall expect a reasonable rebound.

We’re not confident Gold intends to conform to market pundits beliefs, rather we suspect it shall find an excuse to reverse yet again.

 

Brent Crude, as we feared, experienced a bit of a reality check, following the rather unsurprising experience of US Crude’s May contracts discovering no-one wanted to actually take delivery of Crude, when storage tanks are already full.

The situation now is fairly blunt from Brent.

Thanks to the price reversing to 20.7 dollars, it conclusively broke (again) our 25 dollar drop target. The price needs exceed 31 dollars to escape the trap it now finds itself in. To be brutal, below 20.7 calculates with the potential of reversal to an initial 18.5 dollars with secondary still at a bottom of 15 dollars. There’s a vague risk of 15 breaking, suggesting further weakness to 12.5 before a rebound but realistically, if Brent makes it below the 15 dollar mark, we cannot produce a Big Picture bottom above zero!

Hey, 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
9:35:28PM BRENT 23 Success
9:36:58PM GOLD 1682.56
9:40:26PM FTSE 5654.28 ‘cess
9:42:47PM FRANCE 4370 Shambles
9:45:36PM GERMANY 10295.62 Success
9:48:22PM US500 2739.77 2731 2723 2667 2763 2799 2816.5 2847 2755 Success
10:01:39PM DOW 23039 Success
10:03:19PM NASDAQ 8453.87 8353 8282 8199 8493 8667 8728 8853 8529 Success
10:05:54PM JAPAN 19014 ‘cess

 

21/04/2020 FTSE Closed at 5641 points. Change of -2.94%. Total value traded through LSE was: £ 6,136,810,305 a change of 18.04%
20/04/2020 FTSE Closed at 5812 points. Change of 0.45%. Total value traded through LSE was: £ 5,198,867,869 a change of -28.63%
17/04/2020 FTSE Closed at 5786 points. Change of 2.81%. Total value traded through LSE was: £ 7,284,056,629 a change of 24.33%
16/04/2020 FTSE Closed at 5628 points. Change of 0.55%. Total value traded through LSE was: £ 5,858,772,454 a change of -15.73%
15/04/2020 FTSE Closed at 5597 points. Change of -3.35%. Total value traded through LSE was: £ 6,952,759,094 a change of 5.89%
14/04/2020 FTSE Closed at 5791 points. Change of -100%. Total value traded through LSE was: £ 6,566,152,057 a change of 0%
9/04/2020 FTSE Closed at 5842 points. Change of 0%. Total value traded through LSE was: £ 7,054,916,655 a change of 0%

 

 

 

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