A Trader's Outlook On Gold And Crude

TL;DR

Trump is not rushing to make a deal with China, but the S&P is holding support levels and may present bullish opportunities. Brexit extensions are likely to pass, affecting the pound's value. Oil broke through resistance at $58 and may continue to rise. Gold experienced a breakdown, but a retest of $1300 could provide a shorting opportunity.

Transcript

as you can see at the bottom of my screen the most recent headline that's come through Trump not in a rush to make a deal with China's this was reported last night as well and if we have a quick look at the S&P just in terms of the reaction today well last night you can see where the first headline came through and this is a confirmation of that ho... Read More

Key Insights

• 🤝 Trump's cautious approach to the China trade deal is impacting market sentiment.
• 🥹 The S&P has held support levels well, indicating potential bullish opportunities.
• 🧭 Brexit extensions are likely to pass, affecting the value of the pound.
• 😮 Oil broke through its resistance at $58 and may continue to rise, potentially influencing the S&P.
• 🍰 Gold experienced a breakdown, but a retest of $1300 could provide a shorting opportunity.
• 🎚️ Traders should monitor the pound's support level around 132 for potential price movements.
• 🛢️ Oil's recent breakout could signal a bullish trend and impact the broader market.

Questions & Answers

Q: How is Trump's stance on China affecting the market?

Trump's reluctance to rush into a trade deal with China has created uncertainty, resulting in a cautious market sentiment. This has implications for investors considering their positions and trading strategies.

Q: What opportunities are present in the S&P?

The S&P has been holding support levels well, indicating potential bullish opportunities. Traders may look for a break of resistance around 2800 or a retest of previous highs for a continuation of the upward trend.

Q: What is the current status of Brexit and its impact on the pound?

Brexit extensions are expected to be approved, providing support for a deal. This has led to favorable odds for the extension to pass, thus impacting the value of the pound. Traders should watch the level just below 132 as a key support level.

Q: How is oil performing and how does it relate to the S&P?

Oil recently broke through its resistance at $58, signaling a potential bullish trend. If oil continues to rise, it could help drive the S&P higher as well. Traders may want to monitor oil prices for potential market correlations.

Summary & Key Takeaways

• Trump is not in a rush to make a deal with China, impacting market sentiment. The S&P has held support levels and may offer bullish opportunities.

• Brexit extensions are likely to be approved, potentially impacting the pound's value. A key level to monitor is just below 132.

• Oil broke through its long-standing resistance at $58 and may continue to rise, potentially influencing the S&P.

• Gold experienced a breakdown, but a retest of $1300 could serve as a resistance point for shorting opportunities.