 Hello and welcome to the Church of the Week video with me, David Madden. Today's date is Wednesday, the 17th of April, 2019, and the time has just gone, 12.15, British Summer Time. And this week's Church of the Week is gold. And as you can see, gold has had a major push higher from August last year, particularly from November onwards, it really started to push higher, and the level that we reached in February was that I've not seen since April 2018, so we had a major rally, really beginning in August last year, but really since about mid-November, as you see, a nice push to the upside. But since November, apologies, since February here, when it hit its highest level since June, since April 2018, we have begun to see a bit of a move to the downside. We're seeing lower lows and lower highs. So we're seeing a series of what could be the beginning of a further move to the downside. So an upward trend is higher highs and higher lows, where conversely, a downward trend is defined as lower lows and lower highs, and precisely what we're seeing here, and notice how the lows of yesterday managed to actually take out the lows of late January. So Margaret could hang around here and look to press on higher and continue the wider trend. But it could also be a case that this is actually a wider correction of the up move that we saw between August last year and February this year. So we've been pushing to the downside recently, turning our attention to the MACD Instagram, the MACD indicator down here. We can see that there's been a steady increase in momentum, which confirms the downward move we're seeing in the underlying market. If you do manage to actually trade below this area here in around 1276, that would be the kind of creation of new multi-month lows. And we could see support coming into play in around this area here, where there's previous consolidation in around the 1260 mark, or even below that in around the 1250 area in around here. As you can see, 1250 acted as resistance on a few occasions back in December last year. And if metric has acted as resistance in the past, it might act as support in the near term. Now that's if the market manages to actually have a size of break below this area here, we're pretty much on it now in around 1275, 1260. Should we see the market hold above that area and should that area act as support, we could see the market actually pressing on higher, retaking the kind of the cycle as you've bought into 1300 mark. And if you take out this high here, the high of mid-imple in around 1310, that could be a sign that the wider upward trend is going to continue. And should we break north of 1310, we could be looking at targeting the high here in late March in a 1324, and then should we go beyond that, we could be looking at retesting the very high in around the 1346 region. Now if you are going to be trading the gold market, it's worth keeping an eye on what's going on with the US dollar. There's often been an inverse relationship between the US dollar and the gold market. Gold is in the US dollars, so the more expensive and the stronger the green back is, often the more pressure puts on the gold market and vice versa. Should we see a decline in the US dollar, that often helps the gold market. So even though the US dollar index, which I'm looking at here, has been drifting lower recently, we're not too far away from the high in March. And the high in March was actually the highest level since June 2017. So in the wider scheme of things, the US dollar is quite expensive. Now even though the Fed and Reserve appear to be issued, appear to be having a neutral policy and that don't seem as interested in raising rates in 2019, given that the European Central Bank are going to have a new easing policy, or sorry, apologies, and new targeted liquidity policy in September as a certainty in relation to Brexit from the Bank of England, Reserve Bank of Australia and the Bank of Japan, they've bought you into the language, given that other currencies around the world are looking at itself, we could see that the US dollar become relatively strong. Should we become relatively strong, that could impact the gold market. For those of you who are trading gold, it's also we're keeping an eye on what's going on in silver. Dow theory tells us that the averages must confer each other. So if we're seeing multi-month lows being created in gold, we'd like to see that as well to be created in silver so we can become more confident that the bearish move is going to continue. And vice versa, if gold is hitting multi-month highs, we'd like to see silver market doing something similar. So because if both markets are moving in the same direction, you can become more confident that that particular move is going to continue. As you can see here, silver had a 30-dollar value between November and February, like with gold, and since February, we've also seen a series of higher highs and higher lows on the silver market. In fact, only a few days ago, we had a level not seen since late December on silver, so keep an eye on silver as well for all of you who are trading gold. One last thing before we go, if you have any comments to make on this video or any of the other videos we've made here at CMC Markets, please feel free to leave a review on Googlebees. Thank you very much.