Tuesday 16 July 2024

Gold Comes Back To Life (free trade idea)

the market is always about expectation
 
   
     
   
 
JULY 16, 2024
   
PROSPERITY PUB MARKET TALK
Gold Comes Back To Life (free trade idea)
 

The market is all about expectations of future performance.

And that’s fully on display right now with how gold has come back to life.

Between the easing inflation and the signals the Fed has been sending about possible rate cuts, GLD (an ETF which tracks gold) has reacted quite positively.

The ticker, which had been stuck in a range between about 211 and 225 for over 3 months, since early April, has seemingly come back to life.

Over the past week, GLD has trended strongly upward and just today, it broke through the key 225 level to close the day at 228.29 — a new all time high.

But according to our own Nate Tucci, that’s not the all clear signal yet.

Nate has been monitoring GLD closely, and in a recent Telegram post he suggested he’s waiting for a weekly close above previous highs — around 225.59 — before adding to his position.

If GLD can hold the gains it made today and close this week above that key level, Nate’s upside target is up at 250, giving the precious metal ETF — and savvy investors — plenty of room to make gains.


For updates on Nate’s possible GLD trade, click here to tune into his FREE Telegram channel.

— The Prosperity Pub Team
 
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SCOTT WELSH’S TICKER TALES
Cruising Time? (CCL)
 

In the past four years, cruise lines have seen a lot of volatility. 

We had Covid problems and we had stranded-at-sea problems. Plus, we have potential inflation and recession problems. 

But Carnival (CCL) has fought through all that and is now making a beeline to a new high. 

Here’s the chart:

 
 

CCL has been on a nice run since May and a break above $18.92 could lead to an explosive move.

We’ll keep an eye on it.


Happy trading,
— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
   
 

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