Market Commentary June 15, 2019

The Trading Daily Market Commentary features a summary of selected market segments as well as economic matters. Its content of interest is made available to all traders and investors at large

The Gold market overnight was quite strong.  The metal made all the way up to our Key Res $1358 (Where partial log positions were dumped) once the paper market (Comex) took it down following the LME (London Metal Exchange) was closed - It was all the paper once again. 

We saw the latest COT (Commitments of Traders Report) report, and we noticed that the commercials players were slightly over 200K net-short positions. Commercials and bullion banks were building their short positions into this grand rally - It was the Gold physical stuff. 

Trade Recommendation

Given the outlined support levels Mean Sup $1326 and $1320 for the price drop, an aggressive buy signal exhibits attractive opportunities as the Gold confirms solid Key Res $1358 level within the Outer Gold Rally patterns. Taking a buy position from the existing Mean Sup's is very much of interest. 

Targets to the upside are current impaired Key Res $1358 once again, and both Outer Gold Rallies marked at $1365 and $1380 respectively. The stops should be addressed with some breathing room below the Mean Sup's $1326 and $1320. 

For investors as well traders who acquire physical Gold and silver for that matter on a cost basis, stay the course to make acquisitions each month. Don't get cocky and try to time the Gold market without the proper information.

Crude Oil Market

Crude oil market exploded up 4% in early trading on Thursday session, on tensions in the Middle East after two Japanese tankers incident in the Gulf of Oman. 

Then quickly shifted back erasing the sharp bounce, with the attention swiftly setting back over the concern of the global economic recession and falling crude oil demand. 

Crude oil prices had a green session during Friday trading. Prices increased by 0.28 per barrel or 0.54% to finish at 52.47, Brent oil improved by 0.61 US Dollars per barrel or 0.99% to conclude at 61.98.

West Texas Intermediate oil is in steady to lower mode stagnated between Mean Res $54.00 and Key Sup $50.80, after completing our downtrend specified on June 1 analysis. Unfulfilled Inner Oil Dip $50.10 resting just below. The aggressive (short-term traders) may enter a short sell at $54.00.

Cryptocurrency

The cryptocurrency segment had a relatively quiet session on Friday. With Bitcoin, triggering a buy signal on June 6, after sustainably reconfirming the Mean Sup $7625 level. However, looking lower on the capitalization list, the overall picture stays to be bullish for BTC. 

That stated, the immediate forecast leans positive due to the maturity of the Bitcoin with the vital target of Inner Coin Rally $9408. With the short to medium-term bullish technical outlook in mind, a cynical sigh is nevertheless to be warranted while short-term trading positions are advancing steadily to higher.

The Indices Market

The stock market staged a late-day comeback attempt; however, still ended Friday's session mostly lower being down early into session. The leading indices gave back some ground after completing the Thursday's trading session in positive territory.

The Nasdaq 100 underperformed its rival indices, ending the Friday session down 31.60 points or 0.5% closing at 7,479. The DJI went down 17.20 points or 0.1% to finish at 26,090, and the broader S&P 500 index declined 4.70 points or 0.16% to conclude the day at 2,887.

Notwithstanding the pullback on the session, all the leading indices advanced higher for the second week of trading in June. The Nasdaq 100 advanced by 0.7%, while the DJI and the broader S&P 500 index rose by 0.4% and 0.5%, respectively.

The S&P 500 index vulnerability to downside remain around Mean Res 2,883 level. The expected pullback to Mean Res 2,802 is marked with exit level. On the upside scenario, we do have an unfinished business marked the long-standing Outer Index Rally 3000, while Key Res 2,945 is hovering below.


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