Another Do or Die Point for Equities & Gold – Get Ready!
Another Do or Die Point for Equities & Gold Get Ready!
Equities and Precious Metals are on the edge of another rally and it could start as early as tomorrow.
On March 13th I posted some of my analysis online showing how the market was trading at a key pivot point and that a sharp price movement was about to unfold. I also provided everyone with the direction in favor which played out perfectly catching a 4.5% in three days.
As of today we are getting the same setup I saw on March 13th, but this time its pointing to higher prices. Take a quick look at the charts I was looking at for both the SP500 and gold and you will notice that the SP500 and gold both moved to the support levels before starting to bounce: It's Do or Die Week for Equities and Gold
While we caught the move down on the SP500 playing the SDS Double leveraged inverse fund we did not take part in falling gold prices. Reason being, there is so much fear in the market and the amount of surprise news popping up each week I dont think shorting precious metals is a safe call. Rather I am looking for a pullback to cleanse the holders of the commodity then I will buy once price confirms the continuation pattern has completed.
Now, stepping forward to this weeks price action
SPY Daily Chart
We can see in the chart below that price is currently testing a key resistance level. Before the week is over we could see some big price movement equities. I need to see what happens tomorrow but I have a feeling we could see a breakout to the upside for a long position.
Gold Miners Fund Daily Chart
Gold stocks have be under performing the price of bullion for a few months but it looks as though they could be starting a sizable rally. If gold stocks continue to move sharply higher out of this pattern, then it's a positive sign that gold and silver bullion will both continue to move up.
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==> New Report analyzes tipping point of Gold and Equities