Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 16th of August.
As another trading week comes to a close, it is worth noting that gold is closing at a nine week high for a Friday. I believe that this is a significant event, and believe that gold has now put in a base to move higher later this year and next year.
It's a little ironic that hedge fund traders, like George Soros, recently divested themselves of their long gold positions, as it now appears that the market has put in a major base and wants to move higher.
Our long-term monthly Trade Triangle for gold continues to be in a negative mode. However, this Trade Triangle is slowly beginning to flatten out and I would not be surprised to see it change to green in the not too distant future. In today's report, I will be covering gold and a gold stock that you may want to trade, as it flashed a major buy signal today.
I will also be covering some very interesting stocks that I think have potential on the upside after their recent correction from their highs, as well as my analysis of the major markets and what I am looking for in next week's market.