Technical analysis on the US stock market, gold, GDX as well as several sectors & trade ideas that stand out at this time. Covered in the following order are ACBFF (Aurora Cannabis), EUR/USD, (Euro & US Dollar), GLD & GDX (gold & gold mining ETFs), QQQ, SPY, XBI, IBB & GE (General Electric).
Technical analysis on the U.S. stock market, select sectors that stand out as well as gold, GDX & the US Dollar. Covered in the following order are the outlook for the US dollar, gold & the precious metals sector via EUR/USD, /GC (gold futures), GLD (gold ETF) and GDX (gold miners ETF); the near-term outlook [...]
Regarding the outlook for gold & the precious metals sector, one hardly needs to include a chart either GLD or GDX as the charts of EUR/USD are often sufficient to assess the outlook for gold, which has a strong direct correlation with gold prices. After putting in a divergent high & then breaking down below [...]
Several key technical developments & levels to watch for in the broad markets today as well as a few trading opportunities s that stand out at this time.
Member @dazi requested an update on gold & the precious metals mining stocks. My recent outlook for gold has been largest based off my analysis & bearish outlook for the EUR/USD (Euro/U.S. Dollar forex pair). Since the last update, EUR/USD reversed exactly off the bottom of my bounce target zone while not coincidentally, gold futures [...]
Both gold futures (/GC) and the EUR/USD are now approaching the bottom of my bounce target zones. At this time, I'm still looking for a reversal within the bounce target zone after this counter-trend rally which is likely to be followed by a move down to the final target zone before a resumption of the primary [...]
After kissing my first target today following the recent breakdown on the daily time frame (first chart below) EUR/USD now looks poised for a relatively minor bounce on a break above the 1.177ish level before a resumption of the downtrend, as the 60-minute chart (2nd below) indicates. Not coincidentally, gold futures look poised for [...]