Good Morning. As of this writing, Gold futures are up 3.6 dollars trading $1865.10 and Silver is up 18 cents at $24.23. Stocks are mixed with Nasdaq up, Dow down, and S&P undecided. Cash BitCoin is strong again up 2.5% at $18,274. [EDIT- This may be overbought, but thinking this rally is like the one in 2017 is a mistake.- VBL] Oil is up around 20 cents and Natural Gas is up over 2% with December futures trading $2.665 last. Soy futures are strong again up 12 cents. Copper trades up 6.1 cents at $3.263 last. The dollar is flat
GOLD CHART: 60 minute futures
The following is an excerpt from Moor Analytics Gold Technical Report. Posted here with permission:
"Decent trade above $1,873.8 (-2 tics per/hour starting at 8:20am) will project this upward $29 (+) based off an ‘ok formed’ pattern...
If we break below $1,850.0-46.3, or even just below $1,850.0 and back above, look for short covering to come in."
Decent= $6.20 today
Trading Wedges, Trading Gold
"If you are trading Gold, you are trading wedges" said the old metals trader to me years ago. "I trade Silver, to not waste time waiting."
And if you are trading wedges, you get to point fingers when one side breaks out as @Marc_McLovin notes here.
You also get to be wrong a couple days later. Metals traders live this daily.
VBL Comment: As we've noted many times, this is sell season in metals. Still like the long Gold put spread hedged, but volatility is probably going to get cheaper as people start pulling in the reins for North American Thanksgiving. Have a great weekend
Today's GoldFix will discuss USING STOCK TO HEDGE OPTION PROFITS. INTRO TO GAMMA
- Follow Vince on Twitter for GoldFix daily at 8:30 AM
- Go to MoorAnalytics.com for 2 weeks of his report free
That's it. Good Luck