GOLD “..bullish momentum is fading.” Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

GOLD SHORT TERM TRADER: Short at 1292; stop well above 1300. First target 1240.

GOLD POSITION TAKER: Square.

Grim in Japan
While PM Abe’s in Britain

As Japanese Prime Minister Shinzo Abe was yesterday telling UK members of parliament to back Theresa May’s deal on leaving the EU, because the world didn’t want a no-deal Brexit, data published in Japan this morning was downbeat. Household spending skidded to -0.6 per cent, from a peak of +2.8 per cent in October. The trade deficit increased in November from 321 billion to 559 billion yen. And the economy watchers’ surveys both dropped below 50: Current conditions to 48 from 51 and the outlook to 48.5 from 52.2 (lowest since April 2017).

The impasse between President Trump and the Democrats, which has led to the shutdown swathes of US federal government, has dragged on for 3 weeks – the longest this has ever happened. Yesterday Mr Trump threatened to declare a state of emergency to get around the issue of building the wall on the Mexican border, which is at the heart of the stalemate. He’s also cancelled his trip to Davos this year.

Financial Markets and Political Commentary
 

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