07:55am     I have been invited to a trader friend’s house in Le Touquet for the weekend so we will probably leave mid-afternoon but I will be around here in the study this morning catching up on emails and Skype calls so I will also cast my eyes over my favourite charts from time to time. Any trades I have will be detailed below.

Market Update:

U.S. markets had a volatile session on Thursday as traders look forward with a certain trepidation to Donald Trump’s inauguration later today. The main three indices ended down slightly although the S&P-500 seems to have found some support at the 20-day moving average despite fairly wild swings through the session. The overnight Asian market closed mixed after economic news from China showed that their economy grew 6.8% in the last quarter of 2016 up slightly year-on-year and retail sales grew by nearly 11% – this sent the main Shanghai Index up by +0.69% although the small Hang Seng Index fell 0.58% by the close.

European markets are opening slightly down this morning as traders adjust their positions ahead of Trump’s speech later this evening (European time) and U.S. index futures are showing some bullishness (or resilience) and are looking to open higher than last night’s close. The uncertain sentiment is assisting the Gold price as you would imagine and although this commodity took a breather from its recent bullish move on Tuesday and Wednesday, the daily chart is quite oversold and is hinting at further up moves today.  Despite an unexpected  rise in U.S. Crude Oil inventories yesterday, the price stayed remarkably resilient – WTI Crude rose in price by the close last night and closed at $52.14 and this sentiment is carrying on this morning it is trading at $52.39. If you are trading this commodity today watch out for a possible resistance area around $53.00.

Trading Diary:

09:50am    Just entered a ‘short’ position on my Gold 15-min chart, it’s a Master-The-Trend Strategy-B pattern and my stop loss is 22 pips.

10:45am    Out of my Gold trade a few minutes ago, I am off for a quick cycle ride. Score was +24 pips.

11:50am    Now in a ‘long’ position on the same chart – this time it’s a UTB price-reversal pattern with a 14 pip stop loss.

12:40pm    Off out for lunch now and as my 2nd Gold trade has reached +21 pips I have closed it off as I am more than happy with my score for the last day of the trading week.  I will send out chart screenshots for both trades to subscribers when I get back in a couple of hours.

That’s me finished with trading for the week, I will be back here in front of my charts on Tuesday morning and I wish you all a nice,relaxing weekend break.