Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 16th of August.
As another trading week comes to a close, it is worth noting that gold is closing at a nine week high for a Friday. I believe that this is a significant event, and believe that gold has now put in a base to move higher later this year and next year.
It's a little ironic that hedge fund traders, like George Soros, recently divested themselves of their long gold positions, as it now appears that the market has put in a major base and wants to move higher.
Our long-term monthly Trade Triangle for gold continues to be in a negative mode. However, this Trade Triangle is slowly beginning to flatten out and I would not be surprised to see it change to green in the not too distant future. In today's report, I will be covering gold and a gold stock that you may want to trade, as it flashed a major buy signal today.
I will also be covering some very interesting stocks that I think have potential on the upside after their recent correction from their highs, as well as my analysis of the major markets and what I am looking for in next week's market.
Have a great trading day and a super weekend,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
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I'm no expert like you Rasesh, but I can tell you that this past week I got MarketClub Monthly Green Trade Triangles for: GDXJ, CDE, GG, EXK, FOL, JJN, EGO & NGD.
As per the Golden rule like " Market is always Right " we must have to accept changed or turn around Gold movement, and may continue some further too, and also it may try to touch maximum up to $ -1555 or even up to $ -1595, ( in INR Terms it is at about Rs. 30845 ) levels however, both these levels are very very crucial, and that will only confirm any long term sustainable bull run, so if gold will failed to break both such upper levels, down trend will continue again.
With a view to above, one may not short Gold, but also keep away from taking any positional long too, because again down movement will also possibly sharp and fast, without providing any trade exit chance this is un certain or illusive face, and must be wait for any specific reliable confirm next trend signal.