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GLD

What are Tesla Bulls Waiting For?U.S. Markets finished up over 1% for the day, setting up an interesting end-of-week trading session. The jobs report lands tomorrow at 8:30 AM EST. and will likely determine the next trend. Today we will go over the PowerShares QQQ (QQQ) and Tesla, Inc. (TSLA). But, first I want to mention that a few days ago I posted a GLD chart stating that it was setting up for some upside. Today may have the start of that upside. Could the market be front running the jobs report tomorrow and could Gold be the sole beneficiary? Another hot name of note today was Square, Inc. (SQ) which blew up for nearly 10%. If you read over a week ago I mentioned that SQ was setting up with a cup and handle pattern and a measured move target of 73... target met. All the "HOT" Tech Names Reported...Right? It's obvious, tech has contributed to a vast majority of the rally off the March low. That is why I have been tracking the QQQ so often. The question I have now is, have all the hot tech stocks reported earnings? Nividia is the only one I can think that hasn't reported yet. Just something to think about. Below is the 4-hour chart of the QQQ. I zoomed in a bit to get a cleaner shot of this rising wedge. Normally bearish, though there are instances when there are upside breaks. At times there are throw overs . Which happens when price breaks out from above the wedge then quickly reverses back into the wedge. Typically this turns out to be a strong reversal and has happened before on the Nasdaq-100 (NDX). Check the chart below. The result of the throw over can be seen above. Unfortunately, back in September 2018, price reversed back up but eventually met the lower bound of the rising wedge which acted as resistance. Eventually, the NDX declined 23%. This is the scenario I am looking at. Current price action may lead to a throw over so watch for this potentially tomorrow. Bias: Bearish . Elon and Joe...Again I haven't listened to or watched the latest stint of Elon Musk on the Joe Rogan Show, so I can't speak to that. I can talk TA, and TSLA, a normally volatile stock traded sideways today netting a loss of -0.32% for the day. Perhaps the calm before a larger move to come? Below is the 4-hour chart of TSLA. Chaikin continues to mimic itself from over a month ago. Price is also consolidating at the high below resistance while inching closer to trendline support. The longer it takes for the TSLA bulls to follow through the more bearish this chart gets. Keep an eye on TSLA the next few days, as it may be the key to the market. Bias: Bearish . I'll be posting early in the morning ahead of the jobs report. I'll be taking a look at the VIX and Silver. Have a great evening!
NASDAQ:TSLAShort
by DailyClose
2
GOLD looking bullish !GOLD ($GLD) Currently in a bullish trend and displaying consolidating volatility which means a big move in either direction. Expectations of continuing in a bullish trend in a setup resembling something we currently have is usually more probable. I will be looking to enter the trade at $161.10. Intermediate target at $165.29 and full target at $166.83. Potential to overperform as there is a “key level of significance” at $174 as your next major resistance. Stop Loss set at $158.10. On Balance Volume also looks strong for the bullish scenario on this chart as well as for $XAU/USD while doing a 360-degree analysis.
AMEX:GLDLong
by KennySniper
Gold to Test ATH Soon?With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when compared next to other asset classes which begs the question, will the unemployment numbers really matter? Looking at the charts gold has been in consolidation since breaking out of the inverse head and shoulders on April 6th. Price has retested and been trading flat since April 14th. The chart below is of the SPDR Gold Trust ETF (GLD). Current support is 156.95 and is a must hold if more upside is to follow. On the 4-hour chart above, I've highlighted how volume increased on the break of the inverse head and shoulders, and as price returned to retest support volume has settled nicely. MACD confirms this and is beginning to show potential strength in bullish momentum. If GLD breakout, targets should be set towards 174, which conveniently is nearly all-time high resistance. How confident can we be on this trade? Below is the weekly chart of GDX, a Gold Miners ETF. Here, note the weekly retest of previous resistance at 31. How strong the support remains to be seen, but the strength on the gold miners is undeniable and reaffirms the gold trade to the upside. Heading into the potentially historic unemployment announcement this Friday, it may be a safe bet to look into gold if you believe in the safe haven narrative. If you are a trader like me, GLD and GDX present opportunities to make 10-20% returns in a short period. Bias: Bullish .
AMEX:GLDLong
by DailyClose
1
Gold Bullish PennantGold(GC1!) closed at $1,713.3 today for a $12.4(+0.73%) gain. Price has formed a pennant formation which given the fact that it has formed after a move to the upside makes it a bullish price formation. The expected move here is a push above the upper line of the pennant and re-test of the $1,800 level. A move below the lower line of the pennant would indicate a failed bullish pennant, with the current stop-loss for long trades resting just below there near $1,660 shown in blue. The Relative Strength Index(RSI) shows the green RSI line trading just above the 50 level and indicates bullish short-term momentum behind price. An RSI reading above 50 indicates bullish short-term momentum while a reading below 50 indicates bearish short-term momentum. The purple RSI signal line is also above the 50 level which indicates bullish intermediate-term momentum behind price. Right now the green RSI line and purple signal line are overlapping with the green RSI line looking like it wants to push back above the purple signal line. The green RSI line rising and trending above the purple signal line would indicate healthy bullish momentum. The Price Percent Oscillator(PPO) shows both the green PPO line and purple signal line above the 0 level which indicates intermediate-term bullish momentum behind price. A reading above 0 indicates bullish momentum while a reading below 0 indicates bearish momentum. While both lines are above the 0 level, they are declining with the green PPO line below the purple signal line and indicates a loss of upward momentum in the short-term. The Average Directional Index(ADX) show the green trend line above the purple trendline which indicates that the short-term trend direction is bullish. The histogram behind the green and purple directional lines is declining though which indicates that the upward trend direction has lost strength. In general during an uptrend, you want to see the green line rising above the purple line with a rising histogram. Volume has been low since late March, should price break out to a new local high above the pennant pattern we would want to see volume increase in order to sustain a move higher. The overall view on gold remains bullish this year with the expectation that gold will test and make a new all-time high above $1,923 which was set in September 2011. In the short-term we want to see price hold above the stop-loss level in order to maintain bullish bias, as well as continue to trade above the short-term stop-loss level.
COMEX:GC1!Long
by PrepForProfit
1
Sentiment on Gold is WAY TOO bullish short term The sentiment on gold and gold stocks is way too bullish for the short term. I am not a bear and I am bullish on gold mid to long term but gold has to flex lower to get the power it needs to get past $1800. If the stock market ) rolls over, which I think it will, gold will not escape the selling pressure. Then it will bottom and be ready for the sky rocket move everyone expects. Also, keep an eye on DXY. Any surge in DXY will send gold lower. Just thoughts ... Current contrarian position with PUTS on GDX (15 May) as well as PUTS on SPY (June 19) P.S. GDX is up 2.1% on the day... good entry point??? Disclaimer: The above is only my opinion and in no way can it be interpreted as investment advice. Trade at your own risk and do you own due diligence.
AMEX:GDXShort
by adventurous51
4
Daily Review: BTC and QQQAnd there you have it! Bears can finally rejoice and celebrate the "sell off" in U.S. equities. It was a much deserved breather the bulls earned after posting historic numbers in the month of April. The weekly close though, wasn't so hot. Especially in terms of candle disposition. Today we review BTC and QQQ. BTC Nailed It! Whoever said crypto was not correlated to the stock market must now be questioning everything! Oh yea, and that narrative of digital gold, please. Instead, Bitcoin is turning out to be a great tool for marking tops and bottoms in this market environment. It continued to do so this week, after exploding to nearly $9500 on Coinbase. Where is it goes next, is anyones guess. Though I am willing to bet it is heading lower. Below is a 5 min chart of Bitcoin. Currently, Bitcoin is undergoing a correction. To be specific it is looking like a Flat, ABC. In my view Bitcoin will eventually retest the 1.618 or 2.618 retracement level from the high of approximately $9478.66 (Coinbase). See the chart below for more details. I wouldn't be counting on an extremely bullish moves from Bitcoin for some time. Even though the move off the low was impulsive, it is now more likely that Bitcoin undergo a lengthy consolidation period before heading any higher. Prepare for a mini crypto winter! Bias: Bearish . Leading Again... The Nasdaq Composite was leading the way once again today. Finishing the day down 3.2%. Here, we look at the PowerShares QQQ. On the chart above is the QQQ and no, I won't say Head and Shoulder yet. I will say that the QQQ is likely to head lower. My reasoning simply stems from the magnitude of the rally off the low. Next week, the market should provide more clues as to how deep this correction will be. The real question I have is with the big tech names having reported quarter one earnings what forces will begin to move the markets? Will it be the news once again or will fundamentals finally take the lead and price in a depression? The strength of the April rally hints to me that out of all the indexes, it is the Nasdaq, or in this case the QQQ that will make a new all-time high. I will be keeping a close eye on the volume and the pattern that takes place in the coming correction. The QQQ and the stocks of the Nasdaq Composite may be worth buying into heading into quarter 3 and 4 of the calendar year. Nevertheless, in the short term the QQQ has me leaning... Bias: Bearish . Don't Fear the... Low I can't predict the future but I can guess with near certainty what the Fed will continue to do if the March low is at risk of being taken out! It is never a good thing to predict market turns. You tend to build a bias and eventually it may lead to missed opportunities. If you are going to attempt to project the future, do so understanding that there is a high probability you will be wrong. Have strictly defined levels that confirm or invalidate your ideas. Thank you for reading and I hope you have a great weekend!
NASDAQ:QQQ
by DailyClose