08:35am   I do not usually trade on a Friday but I have to be at home today for various meetings so I shall also be watching my charts from time to time through the day so any trades I do have will be reported below.

After a long weekend break I will be back here on Tuesday morning.

Market Update:

Yesterday’s U.S. trading session ended mixed with tech stocks up on encouraging earnings reports from Amazon, Logitech and Facebook and this helped the technology-biased Nasdaq close up 15 points but as the session came to a close 18 of the 30 components to the Dow Jones 30 index were falling which meant it closed 15 points down in contrast. The wider S&P index of top 500 U.S. companies did however finish in the black however, ended the day at 2170 (up 3.5 points) close to its all time high of 2179 that was reached on Monday.

The overnight Asian session ended mixed again with the main news coming from the Bank Of Japan after it concluded its regular 2-day meeting on monetary policy – the decision was increase monetary stimulus by buying more ETF’s although it has stopped short of announcing another cut in interest rates and this caused a flight to the safe-haven Yen this morning.

Crude oil values are once again slipping on the double worries of decreasing global demand caused by the weakening economy both here in Europe and Asia plus the record high global stocks. U.S. WTI Crude had another negative day, it fell 82 cents yesterday to close at $41:07 and is further down this morning at $40:68.

Trading Diary:

10:00am   If the Gold price rises above 1331.90 in the next 30 minutes or so, it should trigger a ‘long’ UTB trade so keeping an eye on that – not  much else to see on my favourite charts at the moment.

10:25am   Now in above position, my stop loss this time is 20 pips.

11:45am   I am also now in a ‘short’ position on my Brent Crude chart, it is a trendFX strategy-1 set-up with a 17 pip stop loss.  I should trade more on a Friday…..

13:20pm    Just come out of my Brent Crude trade as the bearish price momentum is slowing slightly – it has achieved +20 pips. I am going to stay in the Gold trade for a short while as U.S. equities are showing weakness ahead of the open so that may impact on the Gold price although to protect myself I have moved my stop loss upto break even.

14:05pm    I am now out of my Gold position as well, it has moved up well and my profit is +161 pips.  I shall now call it a day on my chart watching after that result so I hope you have a nice relaxing weekend and I will be back here and in front of my charts on Tuesday morning (2nd August).