Thursday, April 1, 2021 2:48 PM EDT
Everything gold is shining today. Earlier this week, gold futures (GC) backtested the March 2021 lows. So far, this key support area has been defended and gold futures have staged a sharp two-day bounce. This pattern could be the start of a W-bottom pattern which is a very bullish formation.
When you think about all of the central bank intervention and government spending in the United States the fundamental backdrop looks very solid for the precious metals. Gold and gold miners have been pulling back since August 2020 and now look poised for a move higher at this time.
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Disclosure: I own GDX and have call options in IAU.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and ...
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Disclosure: I own GDX and have call options in IAU.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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