Gold bolted higher this morning, shadowed by Facebook earnings. Both with be likely trade candidates today. Futures were +1.50% as we wrote this post.
The Gold EOD chart follows. Targets are being met, as price action forms higher lows. Today appears to be the next higher high, so we will position accordingly, if the 15 minute chart lends new entries. Volume by price (VBP) levels will present the bulls with opportunities, as price will likely find temporary resistance in this zone.
NUGT has been our go to vehicle lately. The daily gold miners index is trading just shy of 12.00 pre-market. Price action continues to follow a predictable path, with support from its rising 9/20ema. RSI will rise, along with MACD in response to bullish price action. Stops under the 9ema.
Gold miners will be moving today as well.
Our favorites, AEM, ABX, EGO, HL, RGLD, NEW, GOLD.
We took Facebook calls late Wednesday. We would anticipate similar price action as we saw in Apple yesterday. Early profit taking will likely depress the forward momentum momentarily, though we expect price action will eventually forge a path higher. In addition, Amazon reports tonight, so anticipate technology stocks will bolster QQQ and NDX price action today.
Happy Trading – CV
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