Adjusting Our Gold Targets | Trading HD, WMT

Plus, a slew of good Black Friday deals are here.

Special note on Black Friday.

I plan on running a Black Friday special here (because why not?) but figured I would pass along some other trading-related Black Friday deals I have come across.

• TrendSpider offers some really incredible charts and is now 64% off. That discount will tick down daily to 60% and then last until Nov. 29. My favorite thing about TrendSpider? Its multi timeframe views being on the same chart (daily and weekly, weekly and monthly etc.)

  It’s good for crypto, too. You may be able to apply the code “BK25” for 25% off, but I’m not sure with the current Black Friday sale.

• TradingView is also doing a great sale, at up to 60% off its charts. I like these charts for real-time trading and super clean layouts.

• Lastly, journaling your trading/investing results is so underrated but can pay so many dividends. And man, TraderSync is just so cool for this. Right now, they are offering up to 50% off.

  You can import your traders right from your broker, allowing you to narrow down your best (and worst trades) and find commonalities.

Last note: Yes, the links above are affiliated, but I still felt like a good deal should be shared. In that sense, I only share what I personally use and enjoy. Many traders (myself included) wait until Black Friday to try out new services and this is a great way to do so.

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With that said, let’s look at a few charts jumping out to me.

In the S&P 500 futures (ES), the 4700 level has been a tough nut to crack. While we have traded above it, we have not closed above this mark and yesterday’s rejection only serves as a reminder that this area is significant. 

If the ES can break over 4700 — and more importantly, close above it — then we could be on track for a push to the 4725 to 4730 area. 

On the downside, last week’s low at 4625 is the spot to watch. Remember, we had an inside week last week. 

For now, the lean stays bullish with the ES over all of its short- and long-term moving averages. But should we see a weekly-down rotation, it must be respected. Until then, we are looking for opportunities on the long side. 

Keep in mind, we have a lot of Fed speakers the next few days.

Gold

As for gold, we got bullish on the yellow metal at $1795 an ounce. Others may have waited for a daily-up rotation at that point at roughly $1800 an ounce and that’s fine too.

Either way, this trade has paid out more than $75 an ounce, which is no laughing matter with the futures contracts. Investors can also be long physical gold or the GLD ETF if they prefer. 

However, we do have some adjustments from here on our trade. There are too many traders who read Future Blue Chips with too many of their own strategies, so we simply lay out the idea and the execution is up to the trader. 

In our case, we do like to trim and raise our stops — and there is nothing wrong with other traders doing the same thing.

Gold continues to build nicely above $1850 after it went monthly- and quarterly-up over $1815 and $1837.50, respectively. 

From here, the next target is technically…