Gold prices settled above $2,000 a troy ounce for a second consecutive day.
Currently, the most active June 2023 contract is trading up $39.10 or 1.94% and fixed at $2039.40. That puts gold within striking range of the all-time high of $2088 as well as the record closing price for gold futures at $2069.40.
The primary fundamental event that propelled gold well above $2000 was weaker U.S. economic data. This data suggests that the Federal Reserve could certainly consider slower rate hikes and a pause of rate hikes sooner.
Job openings fell below 10 million in February for the first time in nearly two years, in a sign that the Federal Reserve's efforts to slow the labor market may be having some impact. Available positions totaled 9.93 million, a drop of 632,000 from January's downwardly revised number, the Labor Department reported Tuesday in its monthly Job Openings and Labor Turnover Survey.
The Technicals set up for more upside. First objective $2,070.50 with another #2,169.40
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I've seen an uptick in speculative momentum trading. Let's take a look at the Stock of EYES Second sight.
We purchased that stock shortly after the markets opening at $3.51 per share. The stock appeared on our stock screener charts after receiving good news from the FDA. This was Friday March 5, 2021 we sold half of the position before the close $9.14 the remaining half was sold on Monday March 8, 2021@ $10.46 per share. Overall the net gain from the transactions 178.4 %
I am using these transactions as an example of how momentum trading works. To be clear I am in no way recommending the stock to anyone at this time, this is not a solicitation. The trade was in a clients separately managed account and can be documented for any skeptics.
https://investors.secondsight.com/news-releases/news-release-details/second-sight-medical-products-inc-receives-fda-approval-argus-2s
Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company intends to develop Orion Visual Cortical Prosthesis which provides useful artificial vision to individuals who are blind due to various causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease or forms of cancer and trauma. Its product, The Argus II Retinal Prosthesis System (The Argus II) provides electrical stimulation of the retina to induce visual perception in blind individuals and helps in treating outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. The Company's Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals.
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