Trading Plan – Monday 9th August 2021: WTI falls to support; GOLD “flash crashes”

Mark NugentAugust 2021, Trading Plan

Trading Plan – Monday 9th August 2021: WTI falls to support; GOLD “flash crashes”

Last week saw a lot of economic bullishness coming from the US, capped by Friday’s Non-Farm Payroll number that was the highest in eleven months. This drove the expectation of monetary easing and interest rate hikes and drove the USD upwards and GOLD down (due to its “safe haven” status). The good news was not limited to the Fed. The Bank of England and the Reserve Bank of Australia were also positive.

I placed two trades. WTI long on Thursday, where I luckily managed to get out at breakeven. Japan225 long on Thursday, closed on Friday night for a very modest gain of 0.22 percent. Brief videos are available in the member’s area.

This week shows a sparse economic calendar, with highlights being CPI in the US and the EuroZone and GDP in the UK, all on Wednesday.

Looking at the charts, equities are slightly down, and oil takes another leg lower to support. GOLD is recovering from a flash crash just after last night’s open where some selling into an illiquid market triggered algorithmic tripping of stop losses leading to a 4 percent drop over a few minutes. Then the humans turned up and the price has almost fully recovered. A lot of people lost a little and some people made a lot.

As always in the video I go through my trading themes for the week.

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