At The Mercy of the Markets

Hi everyone,

I hope you’ve had good week. I’m writing this far later than I would like on a Friday, after the market close here in Europe. It marks the end of another hectic week, not so much in markets, but certainly in terms of work and life (including turning another year older on Tuesday!).

Without wanting to disappoint, there hasn’t been a great deal of action to report in terms of trading. Equities have done very little, with the S&P 500 futures trading in a 70 point range all week. This comes as something of a surprise following the positive reversal in our Checklist recently, as I highlighted in In last week’s post.

And it has been similarly uneventful in currencies, with the US Dollar Index also trading sideways all week.

Yet thankfully it has been a bit more interesting in commodities, with gold making a new high midweek.

Given the positive score on our Checklist being confirmed by the technical breakout, this was one of the areas that I said I would be focusing on in our recent Trading Club video analysis.

When you remind yourself of the bigger picture, fellow chartists will probably also see a clear path towards a likely retest of the 2011 high of $1921. The breakout following the consolidation around $1700 is when I really started to believe that gold could go on to make a new all-time high.

So with there not being much to go on this week, I thought I would keep to the point rather than waffling on (besides, the weekend awaits us!). Hopefully Monday will bring some more opportunities for us to trade in line with our Checklist process, which this month is looking very interesting indeed – now we just need the market to wake up and realise.

If you would like to join us for our full analysis including new insights each week, or learn from the ground up with online tuition from Lex in our MDT online course, then head to milliondollartraders.com and take your financial knowledge to the next level right away!

Enjoy your weekend,

James

Disclaimer: For educational purposes only. Even though we do our best to provide reliable data, you should not trade based on this information. For more information go to www.milliondollartraders.com

© Copyright 2020 Lex van Dam Financial Education. Further distribution prohibited.