07:50am  Lovely sunny day out there so will be mostly in the garden but I will report any trades I have in my Trading Diary below.

Market Update:

European markets are set to open with a bearish slant in a few minutes after a lacklustre overnight Asian session where the main Chinese index (Shanghai Composite) ended down -0.22%. The Japanese markets are still closed although their last trading session on Monday saw losses of over 3%. Commodity companies are feeling the pinch as the rally in oil prices has come to a temporary halt, WTI Crude fell 2.5% during Tuesday’s session to close at $43:86 and they slightly down this morning at $43:71 currently. Later today we have the U.S. Crude Oil stock numbers so expect some volatility in the relevant charts.

With the instability in equity markets prevailing, the gold price has posted some impressive gains in the past few weeks but profit takers are out in force at the moment and there does seem to be some consolidation around the $1300 resistance level where we’ve seen a few bearish reversal candles form this week.

U.S. equity markets are largely driven at the moment by company earnings but do seem to losing their bullish trend and are well of the highs seen this time last year. There has been a good rise from the low of early February but even that rally seems to have petered out now although a few words from Fed chief Janet Yellen could change all that in an instant.

Trading Diary:

08:15am   Nothing much to see on my collection of favourite charts (and a few others as well) at the moment so I am off for a cycle ride for an hour or so.

10:15am  Just waiting to see if the price on my Gold 15min chart drops below $1281.10 soon, if it does it will trigger a ‘short’ UTB trade.

10:25am   Now in the aforementioned UTB position on my Gold chart – my stop loss is 24 pips on this occasion.

11:50am    Friends have just arrived for early lunch so I’ve just closed off my Gold position – it has come in at +51 pips.  I will send out a chart screenshot to students/customers soon.