Gold was up only modestly in early trade, however, the Gold bulls quickly found legs. Building a base off YVWAP and accepting the 8EMA and 20EMA (Daily). Bulls were finally able to breakout of the recent short term consolidation range.  YVWAP, next key RES 1st DEV $3290. Followed by 2nd DEV at $3350. 15M RTH clearly shows the rotation from balance to imbalance as the market drives the consolidation area after holding P VPOC for several hours early on, momentum drove Globex high and DVAH. Finding near term RES at MIDAS upper DEV.  $3350 would be our next key upside objective in play.

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On the macroeconomic side, both China and Australia cut interest rates, and the US Dollar continues to print lower with DXY currently trading just above 100.1 area. Below YVWAP, where it found a swift rejection earlier in the session. PSAR remains bearish.

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Jamie Dimon, Chief of JP Morgan also warning the full impact of the US-China trade war still has not yet been felt. He cautions that the stock market could once again tumble and warns of of “extraordinary complacency”.

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