08:50am   Unfortunately I am absent from my screens once again as I really need to get some renovation work to the house completed today but I am planning to be back in front of my charts on Monday morning.  My trading in November ended with a score of +542 pips, mainly made up of Master-The-Trend positions.

Market Update:

Once more I am reporting that U.S. equity markets have achieved record highs again with the Dow Jones 30 index closing up 331.67 at 24,272.35 on continuing hopes that the Senate is going to overhaul the tax code although the overnight futures market is discounting the possibility quite heavily and is currently sitting at 24,235, down by 37 point.  Last night’s Asian trading session kicked off in an upbeat mood due to the earlier optimism in the U.S. but closed mixed as traders took profits mid-session. The Australian ASX-200 rose above the 6,000 level for the first time as bank stocks rallied but like other indices, it did fall back in the last few hours of Friday’s session and closed at 5989.80 (+19.9)

Oil markets held steady yesterday as traders awaited any concrete resolutions from this week’s OPEC meeting and prices did rally overnight after OPEC members and other major producers agree to maintain the current production cuts until the end of 2018. U.S. WTI Crude closed flat at $57:39 last night but is up at $57:72 this morning with the prospect of further rises towards the $58:00 level today.

Gold suffered yesterday as equity markets rose although its 200-day moving average did provide support from where it staged a bullish price reversal his morning. You can expect price rising now to the 20-day moving average ($1283:00) before the close of the week’s trading.