Art Cashin, Head of Floor Operations at UBS, discusses the wild trading in global markets and Citi analyst Tom Fitzpatrick weighs in on the gold market.
Wild Trading Continues
August 19 (King World News) – From legend Art Cashin: “Overnight And Overseas – Tokyo closed with a moderate rally, while Hong Kong and Shanghai spiked up the equivalent of over 500 Dow points on speculation that the PBOC is about to ease monetary policy. India closed up fractionally.
In Europe, markets in London, Paris and Frankfurt are all trading with moderate gains.
Among other assets, Bitcoin has firmed and is trading just above $10,700. Gold is down a smidge, trading just above $1500, while crude is virtually unchanged with WTI trading account around $55. The euro is a shade firmer against the dollar and yields are a bit higher.
Consensus – Bond yields inch higher, perhaps on those rumors of a possible larger German offering or talks that the U.S. might consider issuing a 50 year, or even a 100 year Treasury.
Geo-political concerns linger offstage but the fact that Hong Kong demonstrators remained peaceful seemed to lessen some anxiety.
Stick with the drill – stay wary, alert and very, very nimble.”
About the gold market…
Bullish Trend On Gold Has Not Changed
Top Citi analyst Tom Fitzpatrick: “Gold has tested its key levels at $1,522-$1,532 and has so far failed to push through on first attempt. A pullback is the short term risk, though we have no doubts that the underlying trend is up. Short term supports are seen at $1,433-$1,440 and then just below $1,400 (see chart below).
The inverted head and shoulders targets $1,690 while resistance levels above there are closer to $1,800.”
KWN has just released the powerful audio interview with Rick Rule where he discusses chaotic global markets and what investors need to be doing right now, plus what he expects next in major markets, including gold CLICK HERE OR ON THE IMAGE BELOW.
Greyerz Issues Warning
READ THIS NEXT! Greyerz Just Warned The Paper Gold Market Is Vulnerable CLICK HERE TO READ
More articles to follow…
In the meantime, other important releases…
Panic In World Markets And A Brave New World CLICK HERE TO READ
Rick Rule – This Is The Wildest Market I’ve Been Confronted With In 45 Years CLICK HERE TO READ
A Week Of Panic Plus Gold & Silver Commercial Positions CLICK HERE TO READ
Celente – What To Expect From Gold With Global Economy Melting Down CLICK HERE TO READ
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