07:10am    Early start for me today as I have a meeting in the village at 8am, but I will be back in a few hours and I am then spending the rest of the day catching up on emails and also doing some chart watching from time to time. Any trades I have will be detailed below.

Market Update:

Main market news yesterday was the snap election decision from Prime Minister Theresa May here in the UK and this contributed to the negative close across Europe on Tuesday – markets do not like uncertainty and across the EU there are further elections are coming up to destabilise the status quo.  Last night’s U.S. markets also closed mainly down after Goldman Sachs reported earnings well below expectations and continuing worries over Syria and North Korea kept traders on the defensive.

The overnight Asian market did not fare much better with virtually all indices coming in with losses for the session although there is some glimmers of buying this morning in Europe although that may not last too long. As expected, the falls in equity markets has given Gold a slight boost although it is still struggling to get over the $1290 level it touched on Monday – we are also seeing a small amount of profit taking this morning so we could see further falls. Crude oil is suffering from burgeoning U.S. stocks and news out of Saudi Arabia yesterday caused some volatility – their exports are falling this month but this is countered by rising production despite calls for OPEC restrictions to bolster the price. U.S. WTI Crude is at $52.36 after four straight days of declines and I cannot see much support until the $51.50 level.

Trading Diary:

09:25am   Been back home for 15 minutes and I am now in a ‘short’ position on my 15-min Gold chart, it’s a Master-The-Trend Strategy-A pattern with an 11 pip stop loss.

11:00am   Out of my Gold position now with a +24 pip profit, the price has come down nicely as equity markets have risen slightly.  Off for a cycle ride in the sun in 10 minutes so probably no more chart watching until after lunch.

14:20pm   Just got back home and it’s too sunny outside to do any more chart watching indoors so that’s it for trading today – back tomorrow bright and early.