Trading Diary & Market Update ~ Wednesday 24th May 2017

08:20am    I am planning a quiet day at home today ahead of a couple of days away so any trades I take will be detailed in my Trading Diary below.

Market Update:

Markets in the U.S. closed in positive territory last night following on from the bullish end to Tuesday’s European session, with optimism over President Trump’s new economic deals that could materialise following his visit to the Middle East region.  This sentiment spilled over to the overnight Asian session where most equity indices finished in the black although the Hang Seng index finished slightly down at -2.55 points after Moody’s downgraded China’s credit rating from A1 to A3 on worries over leverage in the economy.

Crude oil markets rose as well during yesterday’s session and this sentiment carried on overnight and U.S. WTI Crude is now firmly above the significant $50 level on hopes that OPEC’s mooted production cuts into 2018 are going to materialise.  The group is meeting tomorrow to sort out the exact details of agreement so we should expect some announcement during the latter part of Thursday’s trading session.

Gold is still moving down from the minor resistance area at $1265 where it reversed a few days ago, the negative sentiment is being driven by rises in equity markets and this morning we see the yellow metal further down at $1249.80 although it has seen some support in the past few hours at its 20-day moving average.

Trading Diary:

11:10am   There’s been no interesting opportunities this morning so I am off for a cycle ride and then some lunch so I will be back here in front of my charts in a few hours.

14:25pm   Just back from lunch and the markets I usually watch are mostly drifting sideways with no real direction so I am closing the screens off for today.

I am away from late tomorrow morning for two days and as it is a Bank Holiday here in the UK on Monday I will be back in front of my charts next Tuesday (30th)

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