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Market Insights

Trading insights: WTI on solid ground, Gold bugs waiting for Powell, Germany 40 bounce

Copy of Blog Images - Skilling - 2023-08-23T102551.289

Market Talk:

  • WTI Crude Oil on solid ground, US weekly inventories on deck today - July - August uptrend appears to be intact, firm price support spotted at $78.30, prospects for a test of the 13 week highs near the $84.40s remain on the table.
  • Gold bugs waiting for US Fed boss Powell’s Jackson Hole speech due this Friday, gold outlook remains bearish despite the current 3 day upside move. Short sellers not having an easy week so far, gold current price threatening resistance at $1,900 round number, the recent +0.5% upside move looks to be a corrective move.
  • Germany 40 / Germany 40 Index +35% since May 2020 , at the same time Germany manufacturing sector remains in the dumps? Speculation that businesses are playing the wait and see game before placing new orders with German manufacturing? Traders and investors should learn the art of reading between the lines….

Today’s economic calendar

Screenshot 2023-08-23 102728

Source: TradingView / Skilling August 23 2023 5:37 AM UTC

Germany Manufacturing PMI during July fell to its lowest point since May 2020

  • Since May 2020 Germany’s benchmark stock index (DAX / Germany 40) advanced +35%?

Germany 40/Germany 40 traders will be watching if the current bounce off the €15,456 support area is the real deal or not?

Screenshot 2023-08-23 102758

Weekly US Crude Oil Inventories on deck, WTI seems to be stabilizing around the $80 round number in front of the data

  • Weekly inventories expected to see a drawdown of 2,850,000 million barrels week on week.

The Crude oil non-OPEC team vs the OPEC+ team balancing act to keep price stable for a little while longer?

Screenshot 2023-08-23 102823

WTI prevailing uptrend (June 28th low-August 10th high) seems to be intact, firm support could be seen at the intersection of the 38.2% retracement from the 52 week lows and the 40 day moving average.


Trading prospective:

Gold downside prospects remain

Screenshot 2023-08-23 102846

Technical commentary: Gold current price $1,902.91

Gold prices fell around -3.4% during the last 3 months, and the current price remains just a few dollars above its recent lows. The 20 day moving average remains bearish, and the most recent 3 days of gains seems to be a corrective move from the July 27 highs- August 17th lows. Further downside towards the $1,876 area can not be ruled out, upside risk spotted above the $1,930s (see chart).

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Not investment advice. Past performance does not guarantee or predict future performance.