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Posted September 28, 2020

Scott Stewart

By Scott Stewart

Trading Gold Up, Down, & Sideways

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Scott StewartScott Stewart

Editor, Rude Awakening

 

Good morning folks, and welcome to the Rude Awakening!

Recording super early this morning, lets dive into what weve seen in todays premarket

Markets Trying to Push Higher

S&P Futures are on FIRE this morning. The NASDAQ is also shooting up.

This demonstrates for us that the markets are trying to regain some of the lost ground weve seen throughout the past several weeks.

Looking at a day chart throughout 2020, we can see a lot of vacillation and confusion in our marketplace.

To be clear, we are still in a downward trending market. We have been since the highs from the beginning of September started to sell off.

But, the last three trading sessions have been green days, as weve seen a market trying to fight back.

We are now pushing up on that 50day MA. This could prove to be some level of resistance.

But, whats important right now is the market is trying to rebound.

New Inflection Point

As we see the market pushing up again, this marks a new inflection point.

Like I always say, inflection points are massively important for us as traders.

But, like we keep coming back to, the level that analysts are looking at right now is that same $3,200 level weve been talking about.

IMG 1

This level has proven to morph from an area of support and resistance, back and forth throughout the past year.

So, for now, we just have to wait and see if it will prove to become a significant level for the near-term in todays market.

One of the sectors thats been very interesting is commodities.

In particular, gold.

Gold in 2020

Looking at the gold ETF GLD, in the past couple months, we are seeing a selloff.

There was a big gap down after new highs above $190 back in August. Now, GLD is trading around $175.

This is the sector well focus on today. So, the question is, where is gold going next?

There are some very cool things at play with this commoditys stock

And we can figure out how to profit on it regardless of what the overall market is doing.

Although the overall market is showing clear bearish signs, the gold market is a different story.

Trading Gold in Todays Market

Despite short-term selloffs, gold is in a clear bull market.

You can see from this chart that the past four times golds pushed up in price, there have been these selloffs. But looking at the overarching trend, its moving upwards.

IMG 2

This is how bull markets work.

So, to see todays bullish trade idea on SPDR Gold Shares (GLD) with a very high probability of success meaning, we can make money despite any further selloff click here to sign up for the free beta test of the Rude Awakening Pro.

Theres still time to be one of the LAST people to sign up for free access to this premium service!

Thats it for today.

Well talk again tomorrow

Regards,

Scott Stewart

Scott Stewart

Editor, Rude Awakening

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