Trade review in May. News from the U.S. has been crucial.
Meeting blog readers.
I’m ready to tell you a little bit about my trading in May. It was profitable, though not as impressive as it was in April.
I have a trading account with Maximarkets.
May was “awake” in terms of news. We cannot say that something very important happened, but the world markets were not bored. And we took care of that, first of all, the United States.
High-ranking officials from the U.S. and China have been engaged in trade negotiations, the results of which have almost convinced the markets that there will be no trade war between major economies. But at the end of the month, Mr. Trump said his word. He announced that from June 15 he would still raise duties on Chinese goods and introduce a number of other restrictive measures against China. That’s the turn of the story that surprised Beijing. If the U.S. implements its plans, it will raise the question of the fate of the agreements already reached between the countries and the expediency of continuing trade negotiations.
U.S. Federal Reserve did not change the interest rate at the May 1-2 meeting, and no significant statements were made.
The oil market in the past month was influenced by different wind directions. The reinstatement of sanctions by the United States against Iran and their imposition against Venezuela has increased concerns about a significant reduction in supplies from these countries, which has contributed to rising oil market prices. However, the constraints were the increase in oil production in the U.S. and the possible revision of quotas under the OPEC+.
Well, after a brief review of the news background, I’m going to tell you about my trade.
Best trade of the month
And that was gold. Optimal combination of fundamental factors and techanalysis allowed me to earn 5920$.
Breakdown on May 15 of the rather strong support and 200-day MA contributed primarily to the growth of yield of 10-year U.S. Treasuries. They managed to overcome an important psychological mark of 3 per cent. And the increase in the yield of treasury bonds leads to a decrease in demand for the precious metal. Positive statistics on the American economy also played its role in the fall in gold prices.
Total profit for May was $3718.
Statements can be downloaded at:
In June, we will be waiting for the US Federal Reserve Board meeting and the OPEC+ meeting. The Fed is expected to raise the rate, and OPEC+ member countries may agree to increase oil production.
Wishing everyone a good trading experience and reminding them that summer has begun – vacation time. And traders need to rest too. 🙂