07:25am   No trading for me yesterday as I got back late from a weekend away but I shall be here at home for most of today so any trades I have will be reported below.

Market Update:

The overnight Asian market ended largely positively after Chinese Consumer Price Index for April came in 2.3% higher year on year, broadly in line with expectations and the same for the previous month. This bullish sentiment is fueling the European markets this morning with most indices posting gains so far in the futures market ahead of the open in just over 30 minutes. Monday’s U.S. trading session ended mixed as the Dow Jones index of top 30 companies posted a 34 point loss but the wider S&P-500 ended up 1.55 points after a late rally that was attributed to share rises in the healthcare sector.

Oil is once again in focus with U.S. WTI Crude losing $1:76 at the close on continued worries over stockpiles even though Canada has lost a significant amount of production in the last week due to wildfires.  UK Brent Crude also had a negative session and finished down $2:74 and $43:43 last night, it’s biggest one day loss since January.  Gold fell back yesterday, ending $21:10 down at $1263:70 on U.S. Dollar strength, it now seems as though the $1300 level was unsustainable in the short term although the daily chart is fairly oversold this morning suggesting some bullish movement in the short term.

Trading Diary:

09:10am   Just got into a ‘short’ UTB position on my Gold chart with a 16 pip stop loss  –  more details soon just going to help a neighbour with his car.

11:15am    Just got back indoors and my UTB position is currently sitting at +11 pips so I will let it run to see what kind of profit I can achieve before lunchtime and the U.S. trading session open.  It is a fairly standard bearish UTB set-up on the 15min chart, average size stop loss for the timeframe.

12:50pm   Off to lunch now so I’ve closed off my Gold trade at +32 pips.  I’ll send off a chart screenshot showing complete trade details to customers when I get back.

15:00pm   Back home but not much to get excited about on my collection of favourite charts so I am off for a cycle ride and back to my screens tomorrow.