Following the Fed speak, the U.S. dollar continues its downward trend and precious metals continued to move up in Wednesday trading session. Gold set a new record high of roughly $1530 per ounce while silver extended its 30-year high to more than $48 per ounce. As such, the SPDR Gold Shares (GLD) advanced 1.9% to 149.20 – a new 52-week high.
Speaking of precious metal, shares of IAMGOLD Corp (IAG) attracted strong buying support, jumped 3.9% on strong volume to 20.57. This is bullish from a technical perspective. In fact, as the chart below indicated, IAG could climb above 23 and test the range top resistance after the downward trend halted. Just so that you know, initially profiled in our June 22, 2009 “Swing Trader Bulletin” IAG had gained about 120% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which shows the near-term technical bias for IAG. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – IAMGOLD Corp (daily)
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
Subscribe to CEM News to receive more in-depth research from Capital Essence.
P.S. Take advantage of the 30 days special trial [new member only]. Join a small group of elite traders and receiving these daily trading ideas by click here to subscribe.