Gold and Silver Get Their Pullback with Nick Santiago (Ep #95)

from Daily Market Wisdom with Nick Santiago

For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends. Today we discuss:

1. The rotation out of tech keeps taking place. In my opinion this is a positive for market as other industry groups are seeing money. The transports, financials, and energy sectors are an excellent example of capital flowing into these groups. When the market broadens out it is a positive as opposed to just a small group of tech stocks leading the markets higher. Nick never likes to see the Dow lead. When the Dow and the Russell advance together, that’s usually a bullish sign. Heady industrials are going up like CAT.

2. Russia announced a vaccine for coronavirus today. I’m not sure if this is a legitimate and effective drug or not, but it’s worth watching. I really think a good therapeutic is really all we need for this virus and I believe we have that already. The markets are telling us that with the recent price action.

3. Gold and silver get their expected pullback. Nick had been calling it for a while. Now it will soon be time to go back in. The loss is well overdue. Now we will see consolidation and the weaker hands have been shaken out. Support is at $1932, the 20 day moving average. A lot of support at $1800-1850. Don’t chase breakouts. Silver’s support is around $23-25.

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