In the same category

Oh the Bovinity! - Comex Option Expiration Tomorrow

IMG Auteur
Published : September 24th, 2020
234 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

"The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%.  While not officially a Fibonacci ratio, 50% is also used. T he indicator is useful because it can be drawn between any two significant price points, such as a high and a low.  The indicator will then create the levels between those two points." Investopedia

Stocks were beaten down today, taking out all of yesterday's bounce and then some. 

The PP500 has now retraced 61.8% of its most recent rally upleg. 

The big cap techs in the NDX have tested that level but finished well above it. 

Interestingly enough, gold closed around its own 61.8% retracement level today. 

There is nothing magical about these retracement levels.  And the same goes for cycles and waves, moving averages and all the rest of it..

They just tools that allow us to have some perspective about where we are.

I definitely closed out my stock short potion too early today.  Oh well.

The dollar continued to gain, finishing above the 94 handle. 

Silver just got beaten with an ugly stick. I have cautioned about the two-edged sword of silver volatility many times before. 

Tomorrow is the option expiration for the October gold contract on the Comex.

I am sure this recent price action has freed up quite a bit of gold from the big ETFs.  Some of itmight even be physical and unencumbered.

 Have a pleasant evening. 

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
IMG Auteur
Jesse 13 abonnés
Visit Jesse's Cafe Americain for refreshing news on the markets
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
Why gold is better than cash - Alasdair Macleod - FinanceandEconomics  (13)
President Swamp - James Howard Kunstler  (4)
Half Day - Nap Time - Jesse - Le Cafe Américain
The Road not Taken (Robert Frost) - A Poem for Today - Robert Frost  (8)
Most commented articles More... 
TOP RATED
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS