Gold Up $50 with Nick Santiago (Ep #535)

October 13, 2023

For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends.

Today:

1. Earnings season is underway. This morning JPM, WFC, BLK, PNC, UNH & PGR reported earnings. For the most part, JPM is having a great reaction to its numbers. The stock is trading higher by 4.0%. More earnings will pour in next week in other industry groups.

2. The major indexes were trading higher this morning but gave up their gains. They were looking to close out a positive week, despite lots of geopolitical events taking place. This is why we must use charts and not opinions.

3. Next Friday is options expiration for October. Please understand, that is often a week of institutional game playing. As I always say, stocks that are up in the stratosphere are usually due to pullback and stocks that are beaten up can often catch bids.

4. Gold and silver are both strong to start the day, gold up over $50 and silver nearly a dollar. So far, they have acted very well since October 5th. The next gold resistance level in play will be around the $1950 area. The next silver resistance level is around $23.75.

5. Oil is catching a bid this morning. Currently, crude is trading around $85.92 a barrel. I’m keeping a neutral stance on crude due to the geopolitical tension in the Middle East.

6. Bitcoin is upticking a little bit. The pattern on Bitcoin is still bearish according to the weekly chart.

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