Gold Is Hysterical Now

TradingTLDR

Oct 25, 2024 — 5 min read

Good morning, traders!

It’s Friday, but let’s not settle for the usual end-of-week wind down.

No, today is more like the finish strong kind of day—the final lap of the race where you dig deep and push for that last bit of glory.

Whether gold’s setting records again or Bitcoin's flexing near $70K, there’s plenty of action ahead.

But whether you’re trading or taking it easy as the weekend approaches, don’t forget to check out the gems in today’s Mind Over Market section—there’s plenty to chew on.

Either way, here’s to ending the week on a high note!

✨ Another All Time High For Gold: Will It Ever Stop?
From Wall Street analysts to everyday folks, everyone's talking about gold. It's like the new must-have investment, the financial equivalent of a limited-edition sneaker.

⚖️ Stocks Drift, Dollar and Gold Rise as Traders Weigh US Rates, Election
Markets in a balancing act, while traders aim for clarity amidst US election clouds. Asian stocks cautiously inched higher, as investors remained hesitant to make significant bets ahead of the closely watched US election.

🏦🛡️ Is Gold Now The New Safe Haven?
Gold prices hit a record high of $2,749.07 on Wednesday, driven by geopolitical tensions and uncertainty surrounding the upcoming U.S. election. Despite a slight pullback, gold remains at a multi-year high, benefiting from safe-haven buying flows.

💼 Are Preferred Stocks a Safe Bet Right Now?
Preferred stocks have been on a hot streak, but are they overvalued? While they offer fixed dividends and have outperformed other fixed-income securities, yields have declined as prices have risen.

🎭 Asian Markets Mixed Amid Rising Dollar and Geopolitical Tensions
The Japanese yen weakened, while Chinese markets rose for a second day following a central bank rate cut. The broader market sentiment remains cautious, with investors awaiting further clarity on U.S. economic policies and global events.

🤢🍔 McDonald's Stock Plummets After E.coil Outbreak Reports
McDonald's is facing a major setback after the CDC linked an E. coli outbreak to its quarter pounder burgers. The company's stock has taken a dive as investigations continue and precautionary measures are taken.

🛸 Bitcoin Surge near $70k as Open Interest Hits Record High
Bitcoin's price has soared, nearing $70,000, as open interest reaches a new all-time high. Is this an indication of a growing investor confidence and bullish sentiment in the cryptocurrency market?

Bearish Engulfing

A bearish engulfing pattern is a reversal candlestick pattern that signals a potential shift from an uptrend to a downtrend.

It occurs when a large bearish candle completely engulfs the previous bullish candle, indicating a stronger selling pressure.

What to Look For:

Two Candles: A bearish engulfing pattern consists of two candles: a bullish candle followed by a bearish candle.
Size: The bearish candle must be significantly larger than the bullish candle, indicating a stronger selling pressure.
Complete Engulfment: The bearish candle's body must completely enclose the body of the bullish candle, signifying a reversal of the previous uptrend.

Here’s an update from the stock tips I gave you on Monday and Wednesday.

On Monday, I mentioned American Airline (AAL) was approaching the Trendline and Resistance zone.

When it did, I entered a short trade.

As expected, the price went up when the market opened, breaking through the Trendline and resistance.

I took a short position at 13.44.

By mid-day, the price dropped, and I locked in a 5.53% profit within 4 hours.

Nice day trade.

On Wednesday, I talked about Clean Spark (CLSK).

All signals pointed to a price drop, so I took a short position.

By Thursday, when the market opened, it plunged, and I took profit at 9.38.

I’m using CFDs, so my profit percentages are much higher.Today, let’s look at this counter.

BAIDU (BIDU)

Since it's peak a few weeks ago, Baidu shares have dropped 23%.

Price has reached the Trendline and closed the gap.

TAD green arrow signal is up and once the RSI cross over I will be entering this trade.

I will be making an entry buy at 89.48. Stop loss will be at $84 and TP will be at $97.50.

One day you're cruising high in a bull market, feeling like a trading genius.

But then, out of nowhere, the bear comes out to play, and you start second-guessing everything.

“Should I sell before I lose my shirt?”

When the bears start to roam, it’s time to have a game plan.

While you’re enjoying the bull, keep an eye out for that sneaky bear because it's easy to forget:

That’s right.

You have to prepare for rainy days.

So, what should you do when the bear market comes knocking?

Let’s break it down into three major actions:

Stay Calm and Carry On: When the bear market hits, don’t let panic set in. Take a deep breath, grab a snack (chocolate helps!), and remind yourself that it’s just part of the cycle. Keep your head clear so you can think straight.
Stick to Your Plan: Now’s not the time to go off-script! Review your trading strategy and stay disciplined. If you’ve got a plan, stick to it like your favorite pair of sweatpants. Don’t let the market’s mood swings dictate your decisions!
Look for Opportunities: Just because the bears are out doesn’t mean you can’t find a few hidden gems. Keep your eyes peeled for bargains and potential trades that could set you up for success when the market turns back around. Think of it like a treasure hunt!

So, are you ready for a bear market?

Let’s embrace the journey, keep your cool, and remember: even in uncertain times, you can win big! 🏆