Gold fell over 1% after this PPI result. Consumer prices came in as expected yesterday which had gold do an opposite reaction from today. The Fed is still expected to cut rates, but the question is how aggressively. Seeing this mixed result may mean we won't be getting 50 bps cuts like investors in gold wanted.
Gold came down to test support on the 1D timeframe and will likely attempt a bounce. If the metal fails however, it could continue lower towards $2,660.
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Gold came down to test support on the 1D timeframe and will likely attempt a bounce. If the metal fails however, it could continue lower towards $2,660.
Data from the EdgeFinder
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GOOGL shot up this week after announcing a new product known as their quantum computer chip Willow. It was able to solve a "benchmark computation" in a few minutes and would've taken the fastest computers 10 septillion years to solve.
As a result, the stock flew 12% in only this week. Now the stock is at all time highs above $193 and is looking to push higher.
As a result, the stock flew 12% in only this week. Now the stock is at all time highs above $193 and is looking to push higher.
With help from GOOGL's stock, NASDAQ is still the top performing index and the strongest score on the EdgeFinder. The fact CPI came in as expected did not make much difference at all, leaving the inflation score unchanged.
Right now the put/call ratio is lower in the greed territory suggesting that inflation data might not matter much if the Fed still plans to cut in this month's meeting. COT is majority long while retail sentiment is leaning more neutral to slight bearish.
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Right now the put/call ratio is lower in the greed territory suggesting that inflation data might not matter much if the Fed still plans to cut in this month's meeting. COT is majority long while retail sentiment is leaning more neutral to slight bearish.
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Data shows smart money is not done buying the NASDAQ after last week's number showed a positive change by 2.41%. There have been periods of profit taking, but it's not enough to stop the rally on the tech index.
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The overall trend is lower from October 2022, but the rise in inflation is still concerning. There is still generally a consensus with different analysts that inflationary goals are going in line with expectations.
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📊 Happy Friday, traders! You know what that means—COT Data Day!
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Every Friday, the Commitment of Traders (COT) report is released, giving you insights into where big money is positioned. But let’s be real: trying to interpret that data is often a headache 🤯.
That’s why we built the EdgeFinder’s COT Data Page!
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The EdgeFinder simplifies the raw, messy COT data by:
✔️ Highlighting trends in positioning—see whether smart money is increasing or decreasing their exposure.
✔️ Breaking down net long vs. short positions so you know where institutional money stands.
✔️ Presenting it in an easy-to-read, visual format that anyone can understand.
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📊 Happy Friday, traders! You know what that means—COT Data Day! Every Friday, the Commitment of Traders (COT) report is released, giving you insights into where big money is positioned. But let’s be real: trying to interpret that data is often a headache 🤯.…
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If you don't know what the COT report is, it is a weekly report filed that shows institutional buys/sells. Our software allows traders to track it.
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Gold Daily Chart:
Price appears to have failed out this week- trying to break through the 2700 level. Price continues to range here.
On the fundamentals side - inflation in the US showed signs of rising this week, causing yields and the dollar to strengthen.
This is usually a bearish catalyst for gold, which may have to wait longer than expected for more rate cuts next year...
Gold remains mixed for me. Waiting for a more clear directional push + some dollar weakness if we possibly see a dovish fed meeting next week.
- Nick
Price appears to have failed out this week- trying to break through the 2700 level. Price continues to range here.
On the fundamentals side - inflation in the US showed signs of rising this week, causing yields and the dollar to strengthen.
This is usually a bearish catalyst for gold, which may have to wait longer than expected for more rate cuts next year...
Gold remains mixed for me. Waiting for a more clear directional push + some dollar weakness if we possibly see a dovish fed meeting next week.
- Nick
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USOIL Daily Chart:
Price continues to range here, without a clear directional bias on the daily.
Note: buyers should watch for a break of 73, and sellers should watch for a break of 67. These could be key levels going into the new year...
Fundamentally, there's a bit of uncertainty. On one hand, you have tariff concerns and willingness to pump oil aggressively from the Republican party.
At the same time however, you have geopolitical risks as well as the possibility of a reacceleration from China with their financial stimulus objectives.
I personally lean a bit bearish, however price action keeps me from taking any trades.
Though this may not be as exciting as a clean bullish setup on gold, it is very important to still take time to mark up charts like this - to know what changes to look for prior to taking setups!
Have a great week ahead guys. - Nick
Price continues to range here, without a clear directional bias on the daily.
Note: buyers should watch for a break of 73, and sellers should watch for a break of 67. These could be key levels going into the new year...
Fundamentally, there's a bit of uncertainty. On one hand, you have tariff concerns and willingness to pump oil aggressively from the Republican party.
At the same time however, you have geopolitical risks as well as the possibility of a reacceleration from China with their financial stimulus objectives.
I personally lean a bit bearish, however price action keeps me from taking any trades.
Though this may not be as exciting as a clean bullish setup on gold, it is very important to still take time to mark up charts like this - to know what changes to look for prior to taking setups!
Have a great week ahead guys. - Nick
Come join us in the Stocks & Options channel if you are interested. Watching $ADBE 👀
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$ADBE Weekly Chart:
Price pulling back into a long term support level, and nearing an oversold point on the 7 period RSI.
Watching for a possible entry, if we see a pullback in the Nasdaq as well.
Price pulling back into a long term support level, and nearing an oversold point on the 7 period RSI.
Watching for a possible entry, if we see a pullback in the Nasdaq as well.