The gold market is in a long-tern uptrend, and we continue to look to be buyers of the precious metal when it pulls back to support levels. Gold pushed higher last week from the key support area near $1,310.00 an ounce to $1,300.00 an ounce. We have been discussing this support area for months. This week, traders can look for buying opportunities down near that $1,310.00 to $1,300.00 area if gold's price reaches it.
The S&P 500 continues to recover after its selloff of Sept. 9 through Sept. 14, but there is still key resistance up near 2188.00. At this point, if we get a pullback to an obvious support level and a strong one-hour, four-hour or daily chart price action buy signal, we would consider a long entry, as the overall trend is still up. But we are waiting for an obvious buy signal.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.