Finalized GDP numbers coming out of America
During the session on Friday, the Finalized GDP numbers will be coming out of the United States. This of course will move the markets overall, as the United States is considered to be one of the better growing economies at the moment. However, we feel that the volatility in general will increase, and as a result we feel that there will be plenty of short-term trading opportunities.
Gold takes off
Right now, gold has really taken off to the upside and as a result we think that there will be plenty of call buying opportunities as long as we can stay above the $1120 level. We will have to wait for pullbacks though, because the $1160 level above is a significant resistance barrier. If we can get above there, then we can begin to think about longer-term “buy-and-hold” type of call buying opportunities.
USD/CAD breaks out, then turns back around
The USD/CAD pair initially broke out during the session on Thursday, but found the 1.34 level to be a bit too resistive. Nonetheless, we are waiting for short-term pullbacks that present supportive candles on short-term charts so that we can serve buying calls again. We have no interest in buying puts, simply because the trend higher has been so strong.
NASDAQ testing serious support
The NASDAQ looks like it is testing serious support, as it fell pretty significantly during the session on Thursday. The 4150 level seems to be the bottom of this range, so we are simply waiting to see if we get some type of supportive candle in order to start buying calls again. Below the 4150 level however, we feel that this market could drop down to the 4000 level, offering put buying opportunities.
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