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See Today's Trading Opportunities Below – Watch The Video For Full Market Analysis
1- Gold markets rose slightly during the session on Wednesday, breaking the top of the hammer from Tuesday. This of course is a very bullish sign but the fact that we gave back about half of the gains certainly doesn’t instill a lot of confidence. Because of this, we are cautiously optimistic and buying calls but we recognize that it could be a bit of a fight to get to the $1220 level which is our target.
2 – The EUR/USD pair continues to look very flat on the whole, as we continue to meander just below the 1.14 handle. Because of this, we believe that it’s easier to buy puts every time this market rallies, and therefore that’s exactly how we are trading it. We are simply going to wait in order to start buying puts, as the market should continue to bounce back and forth. Ultimately though, the longer-term downtrend is most certainly still in effect.
3 – Silver markets were slightly bullish, but still lack momentum. We did break above the $16.50 level at one point during the day, but gave back the gains in order to hang about that level. We believe ultimately that this market is going higher, so buying calls on short-term pullbacks will probably be the way to go going forward.
4 – The S&P 500 initially fell during the session, but later on during Wednesday trading, we took back most of those losses. Because of this, it appears of the market is ready to continue going higher given enough time, and as a result we are in fact to buy calls on dips as they appear.
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