Your Almost Daily Bit of Wall Street Wit & Wisdom

Gold chart

Chart by Steven Sarnoff, h/t stockcharts.com

“Folks using intraday charts to call the top of a gold move that is unfolding on monthly charts is hilarious.  Y’all are doing it backwards!”
— Chris Carolan, @spiralcal

Options Hotline Update, FYI: Our recommended Father’s Day call on Barrick Gold Corporation (GOLD), emailed Sunday evening to our subscribers, triggered 06-17-19 at $85 with GOLD at $13.86, traded 06-21-19 at $206 with GOLD at $15.68, +142% in 4 days on a 13% move in the underlying shares, with an always known and strictly limited risk!

That’s the Superleverage power of my method on display.  If this is the type of options action you’re looking for, subscribe to Options Hotline today to see how we stay a step ahead of the crowd.

The character of the behavior of price movement in gold is telling us a big longer-term breakout is in play.  Former resistance (supply) now represents underlying support (demand).  The strong red candles on my weekly chart above depict this vividly.

It’s important to view price movement from different time perspectives: monthly, weekly, and daily.  Consider the lines of average price movement, along with price movement irrespective of time and you begin to approach a complete picture.

Best regards,

Steve

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