I just spent half an hour putting together two very juicy looking precious metals setups for you guys when silver suddenly fell off the plate, probably due to Draghi sneezing or passing some type of verbal flatulence. Gold fortunately seems to be less affected and if you act now you may just be able to snag one grade A entry:
I’m waiting a few more minutes for Draghi to finish and if she holds plan on grabbing a long position near 1200 with a stop a few ticks below 1197. However if that spike low gives then the entire formation is going bust and we may actually try a short entry on a retest of the 100-hour SMA.
Otherwise I won’t be doing much today ahead of tomorrow’s inauguration. Over the past two weeks the E-Mini has been churned so much, at this point we may be able to start selling butter made from the tears of traders. So I suggest you tread lightly and prepare yourself for volatility, especially tomorrow.