Goldman Sachs Breaking Records

This past week, Goldman suffered its longest losing streak since the Wall Street firm went public in May 1999. Yes, this is even worse than financial collapse back in 2008 when Goldman fell eight days in a row. There is speculation that their trading division is going to take it on the chain again due to the lack of volatility in the Markets. In recent months, Goldman suffered its worst ever quarter for trading commodities.

Goldman began as a little-known family business back in the early 1900s and ended the century as the best-known investment bank in the world. What sets Goldman apart from other investment banks is their leadership, their people and their culture. Just a few of the people who worked for Goldman before moving on to do other things include:

Steve Mnuchin, who is the 3rd Treasury Secretary that use to work for Goldman. The other two are Hank Paulson, who headed the department from 2006 to 2009 and Robert Rubin, who was the Tresury Secretary from 1995 to 1999.

William Dudley, president of the New York Fed and vice-chair of the Federal Open Market Committee (FOMC) since 2009, came from Goldman Sachs as well.

Malcolm Turnbull, a former partner of Goldman Sachs, became the prime minister of Australia in 2015.

I can go on and on, but I think you get the picture. The question is can Goldman regain their footing, lets go to the charts?

Monthly Chart (Curve Time Frame) - monthly supply is $255 and monthly demand is $215.

Weekly Chart (Trend Time Frame) – visually, the trend is range bound.

but the most accurate way I assess trend is plotting pivot points, where the first HH violated the downtrend on the weekly chart.

Daily Chart (Entry Time Frame) - price is sitting inside a daily demand zone now. The chart suggest that price could bounce higher from here, enroute to $243.

However, I prefer the daily demand zone at $221 to go long because it's more of a discount and within the monthly demand zone.

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Published on

by rollandthomas

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