Gold Bottoming? New Moon/Solar Eclipse Into CHINDIA Seasonal lows
If gold holds to its bullish trading pattern that has resulted in higher lows since December 2015, risk-reward favors a long position in the yellow metal. At $1247 per ounce, there is $10.60 of risk on the downside before gold breaks below its level of support at $1236.50. Below there, the yellow metal will negate the pattern of higher lows. On the upside technical resistance stands at the double top at $1365.40, the high from late January and early April of this year. Therefore, at $1247 with around $11 downside risk, the upside potential could be $118.40 or a risk-reward ratio that demonstrates a much smaller downside risk than upside potential reward in the yellow metal.
DARPA has successfully tested the booster engine for the new space plane. Next step is building it. Goal is to land and return to space within 24 hours. Test schedule is to do that 10 days in a row. Expected to cut the cost of a flight to 10% of current. Max payload of 3,000 pounds in the cargo bay. Boeing has the contracts and congress has funded the test mule.
To me this is not good for the bulls. We are staring at a double top that is a lower high than the overnight. Considering the chances of a tweet from Euro zone this weekend that further tanks the Asian markets on Sunday night I think a confirmation of the overnight would have been more solid.
Confident the shoe clerks left in charge at the trading houses have been told to close above 2,800 or not come back on Monday. Still stuff does happen.
Al_Dente wrote:[Bloomberg, citing two UNNAMED sources, via zh]
LEAK:
Trump considering tapping our SPR Strategic Petroleum Reserve
may release 30 million barrels
btw: According to The U.S. Energy Information Administration (EIA):
In 2016 the United States consumed an average of about 19.69 million barrels per day.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
What happens at 3:50 every day? Apparently it is more than the bozy trying to balance the close. Comment on my twitter network said that is when a lot of brokers get in compliance with reporting trades and dump a lot of different stuff like the forced trades when someone runs out of margin. Somebody at the Futurtes.io thread had looked at the individual transactions and commented that it was a whole lot of small stuff. So that also passes the sniff test, brokerage house cleaning along with exchange members positioning for transaction at the close in-balance.
I have had a hard time over the last several months thinking that the big ETF's would wait until the last minutes to balance supply and demand.
Al_Dente wrote:[Bloomberg, citing two UNNAMED sources, via zh]
LEAK:
Trump considering tapping our SPR Strategic Petroleum Reserve
may release 30 million barrels
btw: According to The U.S. Energy Information Administration (EIA):
In 2016 the United States consumed an average of about 19.69 million barrels per day.
MrMiyagi wrote:**In half hour or so, QQQ MACD/20ema might line up to give a possible entry for an intraday long AT THIS RATE. Of course a sharp move negates that.**
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