A Funny Thing Happened to Gold and the Dollar — Nick Santiago 7-14-23 #509

Source:
https://www.spreaker.com/user/appeal2/nick-509

1. Earnings season has begun. This morning, JPM, WFC, C, BLK & UNH all reported earnings. These stocks are holding up well right now. United Health (UNH) is the largest Dow component and that stock is trading up by 6.0% today.
Next week we will get a lot more companies reporting earnings.

2. Next Friday July 21st, will be options expiration for June. It is always a wild week as we go into options expiration. It's a time of institutional game playing. Traders should beware of stocks that are in the stratosphere, they are vulnerable to pullbacks and often stocks at lows will often get bounces.

3. Precious metals have had a monster week to the upside. This is primarily due to the epic decline in the US Dollar Index. The dollar still looks vulnerable to further downside so the precious metals might have some staying power. The daily chart resistance area for gols is around 1985.00/ounce.

4. Bitcoin futures are stalling out a little today, but the chart remains constructive for more upside in the near term. Earlier this week, there was a court case that was bullish for Ripple and that is just the latest catalyst for the crypto world. Right now, there should be more upside as the chart is strong.