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The precious metal Gold is a “flight from risk” asset. It is valuable, it is tangible, and it is universally accepted. Capital flows into the physical product, as well as the futures contract, in times of uncertainty.
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I have been waiting for this market to break out of the congestion one way or the other to jump onboard for the past week. Today might be a sign that the upside is the direction it wants to go. So let’s do this!!!
If you got involved in this Formation Finder from Tuesday the 27th, great job!
It is time to reward the market by moving your stops, taking profits or checking in on any put options purchased.
Indices still trading in the middle of its ranges and 2190 overhead resistance, 2160 being support.
This Formation Finder went out last week Wednesday (8/24) as we were breaking out of the pennant. We have seen a nice move for those who chose to trade this idea. Great job!
Here are a few markets with set-ups taking place that will have my attention through the balance of this week and into next.
I highlighted the pennant formation on Wednesday (6/30) as we were coiling up near 1320.0
The market has since broke out to the upside and I wanted to put the spotlight on 2 levels for those who got involved. Great job!