Daily Morning Report

Thursday, August 31–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight as investor risk appetite has up-ticked quickly after Tuesday’s latest provocation from North Korea, in which it fired a missile over Japan. Upbeat economic data from the U.S., China and the European Union is keeping investors in a positive mood. U.S. stock indexes are also pointed toward firmer openings when the New York day session begins.

Gold prices are weaker on the better investor risk appetite and on some more profit taking from recent gains that saw prices earlier this week hit an 11-month high.

Today is the last trading day of the month, which makes it a more important day from a charts perspective. A monthly high or low close in a market today would be very significant, from a technical perspective.

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Wednesday, August 30–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, on corrective bounces from selling pressure seen Tuesday. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. As has been the case recently, North Korea’s latest provocation to the U.S. by launching a missile over Japan Tuesday has not had a lasting impact on trader and investor risk aversion.

Gold prices are slightly lower on some mild profit taking from recent gains that pushed the yellow metal to an 11-month high on Tuesday.

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The gold market hit an 11-month high Tuesday amid safe-haven demand and technical buying. The U.S.-North Korea tensions will continue to support gold. And the yellow metal is also in a solid price uptrend. Bulls are powerful and are now targeting their next major upside objective: pushing prices above stiff chart resistance at $1,350.00. Stay tuned!–Jim

Tuesday, August 29–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

News that North Korea fired a ballistic missile over Japan has rattled world markets. Global stock indexes are lower and safe-haven assets like gold and U.S. Treasuries are higher. U.S. stock indexes are pointed toward lower openings when the New York day session begins.

Gold prices hit an 11-month high overnight, as a combination of safe-haven demand and technical buying are boosting the yellow metal.

The Euro currency hit another 2.5-year high overnight, while the Japanese yen also surged on safe-haven demand from Asian traders and investors. The U.S. dollar index dropped to another 15-month low. The greenback is being further hobbled by the hurricane damage in Texas, which is likely to reduce U.S. GDP in the third quarter.

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Monday, August 28–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower to start the trading week. Traders and investors were disappointed that last week’s Jackson Hole, Wyoming central bankers meeting did not offer any new guidance on the monetary policies of the world’s major central banks. U.K. markets are closed Monday for a holiday. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.

Gold prices are higher and have pushed above the key $1,300.00 level in overnight trading. A slumping U.S. dollar index is supporting the gold market bulls.

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The U.S. Treasury bond futures market has been trending higher since early July and late this week hit a two-month high. The bond market bulls are in near-term technical control, which means the path of least resistance for prices will remain sideway to higher in the near term. Also, any geopolitical flare-ups will support flight-to-quality demand for U.S. Treasuries. Stay tuned!–Jim