Tuesday 5 November 2024

Why Gold and Silver Might Surge During the Election

Join me at 9:15 a.m. ET for “Morning Monster”!
 
   
     

Why Gold and Silver Might Surge During Election Week
 
 
U.S. election day is finally here. Are the charts set up for a bearish reaction? 

Come join me as we dive in and see what’s moving!

Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day. 

 
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Why Gold and Silver Might Surge During Election Week

With the election and FOMC meeting coming this week, volatility is all but certain to shake things up. And when that happens, precious metals like gold and silver become assets to watch closely. 

These metals are the classic "safe havens" — the go-to for investors when the stock market gets wobbly, particularly when no one quite knows where it’s heading. 

So let’s dig into what we’re seeing in gold and silver right now, and what traders should consider in this unpredictable landscape.

Gold had a strong pullback last week, cooling off after a run-up that looked promising. For anyone holding gold as a hedge, that pullback stung. Weekly trades just didn’t pan out as expected. 

Now, we’re seeing a potential pattern forming that could bring some clarity. 

Silver, which typically rides gold’s coattails, is showing signs of hitting a bottom. Silver’s recent chart pattern shows three-wave down move, a classic technical setup often signaling the end of a correction. So, what now? 

If silver can push back up, we could see some serious upside momentum. If it breaks that barrier, the next resistance around $37 might be in play, with a shot at $40 if it keeps building steam.

Election night could be the wildcard... 

Historically, metals can move as much as 5% on a single day — a huge shift for commodities like silver and gold. And with markets on edge over the election outcome and the Fed's upcoming rate decision, both metals could see explosive movements. 

Gold and silver don't need massive daily moves to draw attention, so a 5% jump would be significant.

For those looking to add precious metals to their hedging strategy, now’s the time to watch closely. Whether it’s a sharp rally or a dip back to test the lows, gold and silver have a good chance of volatility — a trader’s best friend, as long as you're prepared. 

And this week could be the perfect setup for that big breakout in silver, pushing it back into the spotlight as a prime trading opportunity. 

Stay tuned — things are about to get interesting.


Today’s Daily Chart Setup: Columbia Sportswear (COLM)  
 
 
This idea came directly from my Daily Chart Setup that automatically signals potential plays. 
 
COLM is a new potential entry. Target: 86.16 Stop below: 74.08
COLM has a historical win rate of 90.0%
COLM has a profit factor of 4.206
COLM trades last 49 trading days on average over 20 trades since 1997.

This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. Always remember that past performance is not indicative of future results.

You can find full details on exactly how this works by scrolling down further in this newsletter. 

Now be sure to join me live at 9:15 a.m. ET for “Morning Monster,” my market-open livestream on YouTube!

 
 
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I’m also live at 5 p.m. ET on Tuesdays for “30 Minutes of Awesome” — bring your ticker and I’ll analyze it in real time!

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Don’t Wait Years for Gold Gains. Do This Instead  
 
 
No matter who ends up being our next president... Graham and Jeffry STILL believe Gold is one of the best assets to invest in. 

But don’t just buy gold and wait years for a 50% gain — tap into Jeffry’s “Gold Trade” today to target double-... Sometimes even triple-digit gains in just a couple days!

Join them LIVE Wednesday morning at 11:15 a.m. ET for your shot at their next “gold trade”… 

Join Jeffry’s Telegram channel for free, and we’ll send you a notification when he’s going live!

 
 
Join Jeffry’s Telegram Channel Here
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How the Daily Chart Setup Works
 
 
Here’s a more detailed description of how the pattern triggers:
 
1. The price breaks upward through the orange Market Roadmap Line. 

2. Then the price goes up and down while staying above the line. Eventually, it comes down to touch the line again — this could take days, weeks or even months. 

3. Once it touches the line and starts moving back up, that signals an entry. 

I use Fibonacci levels for for profit targets and stop losses, and these two tools combined have helped me achieve a 77% win rate over the past six-plus years!

You can grab my Market Roadmap Indicator here for just $5 — less than a cup of coffee at most places!
Jeffry Turnmire
Jeffry Turnmire Trading

I host my “Morning Monster” livestream at 9:15 a.m. ET each weekday on YouTube, and then “30 Minutes of Awesome” at 5 p.m. ET each Tuesday!

Please check out my channel and hit that Subscribe button!

I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.

I've been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it's the Eagle Scout in me. 


*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 
   
 

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