07:55am  I am planning to be at home for most of today so will be watching my charts from time to time and any trades I find will be detailed in my Trading Diary below.

Market Update:

All three major U.S. indices reached record highs once again as corporate deals take centre stage amidst a general feeling of optimism. The S&P-500 closed up 0.13% at 2591.13 and is trading close to the 2600 ‘big’ number so watch for trading opportunities around this level today/tomorrow. Energy companies are also flying high as Crude Oil prices have risen in the past 24 hours as Saudi Arabia’s leader Crown Prince Mohammed bin Salman tightens his grip on power by leading an anti-corruption drive in the country by arresting various government ministers, royal family members and businessmen creating a climate of uncertainty at the moment. Salman’s latest push is seen as a move to cement his position as a strong leader who is keen to follow through with OPEC’s production cuts into 2018 so we could well see further moves up with U.S. WTI Crude reaching the $60 ‘big’ number in the next few days.

The overnight Asian trading session carried on the bullish sentiment with energy stocks showing large rises on the back of bullish oil values and also the Reserve Bank of Australia held rates once again. Also watch for announcements by President Trump who is on a quick tour in the region at the moment which may buoy futures markets through the day.  The European session got off to a good start this morning although there has been some profit taking in the past 30 minutes.

Gold has been travelling in a narrow trading range over the last few weeks between the 20-day and 200-day moving averages and touched the higher level yesterday and with equity markets rising once again we will probably see a move down towards the 200-day moving average at $1267.  Watch for a bounce up at this point.

Trading Diary:

09:10am   Nothing to see on my collection of favourite charts so I am off for a cycle ride, back in an hour or so.

11:40am   I have just taken a ‘short’ position on my 15-min Gold chart, it’s a Master-The-Trend Strategy-A pattern and my stop loss is 17 pips.

13:15pm    My Gold position has just been stopped out at -17 pips.

13:35pm   While the markets are settling down I am off out for some lunch.

16:10pm    No trading opportunities so far this afternoon since I’ve been back home so I am switching off my charts and retiring for the day, back here early tomorrow morning.