Funded trader Adam V. has been with Topstep for almost 3 years now, and we were lucky enough to have him stop by our Chicago studios Monday to talk about Gold and his journey through the Trading Combine. In this edition of The Weekly Preview, Adam and Dan have a great conversation about the upcoming Fed rate decision, looming market volatility, and why working with a trading coach is so important. We hope you enjoy!
Gold has been rallying in 2019, but the advance ran out of juice in recent days and prices have come down from six-year highs near $1450 seen last week. It’s not clear if the recent dip is just a pause in a bull market or the start of a bigger reversal to the downside. An answer to the question is likely before month-end.
Silver is sizzling. The white metal is on a four-day 5% rip and moving to its best levels since February. Yet, it still lags gold by a large margin and the ratio of gold prices to silver reached 20-year highs. Can silver continue to play catch up? At least one whale of a trader in the futures market seems to think so.
The first half of 2019 is in the history books and, after solid gains in the first quarter, stocks and bonds added to the bullish trend in Q2. Crude Oil was little changed and Gold was a bright spot as the commodities market saw mixed action over the past three months. Lastly, many interesting stories were told in the currency markets, including a 220% surge in Bitcoin.
The price of Gold is surging. After a multi-month downtrend, the yellow metal made a decisive breakout move in late May that has erased nearly all the losses suffered the three months prior. Daily price swings have been wide and there seems to be a lot of momentum behind the metal’s move to 15-week highs.
Looking for volatility? Keep an eye on the metals market and the price action in Gold. While the yellow metal has been grinding higher over the past few months, wide intraday swings sent prices higher and lower last week. The wild action has some players wondering if Gold is ready to reach new highs.
Gold had an unusual 10 minutes midday on Friday. After spending the first hours within a $2 trading range, the price fell $10 as more than 65,000 contracts traded hands. That's the equivalent of 6.5 million ounces of gold - or $8.3 billion worth.
Where'd that kind of move come from?