So if you guys watched today's earlier video, you guys know exactly what it is that I'm talking about where the market has literally been trading at the same level for the past week and it's pretty frustrating in the sense that it's not really picking aside we're not showing signs of higher highs meaning breaking Above This resistance at 320 a share for Nasdaqq, but we're also not necessarily making lower lows as the overall those and the most common support range has been right around 313 a share today. One of the things that I brought up is that I had an open short position. I was making money as the market was selling off, but I was being very careful of the potential support at this moving average because of what we've seen for the past couple of days, it's been a very common habit. Check this out for the NASDAQ Market to sell off, but then recover by end of day it sells off, but then recovers by end of day, it again sells off, starts off in the red, and then it recovers by end of day, it sells off, recovers by end of day, and surprise surprise, it sells off and then recovers by end of day.

What is going on and I think that there's just a lot of uncertainty. The market does not know what to do because of what was announced last week. We thought that because of the lower interest rate hikes or I'm sorry we thought because of the lower interest rate, right? or lower inflation rate coming in at five percent versus the previous of six percent that's six to five percent drop is per pretty significant. We thought that maybe after Banks showed their earning reports and if they came out better than expected that maybe the market could Thrive But it's now because of the perspective of the Federal Reserve I believe it was the CEO of JP Morgan that spoke today and announced that he believes that it's not going to just be one interest rate hike from the Federal Reserve.

He believes because of these earnings are showing Banks and banking institutions that they are strong and resilient that they could tolerate more aggressive interest rate hikes than what is originally expected. Again, to continue the course and or stay the course with its fight against inflation as that has been the main focus from the Federal Reserve. But now people have another fear, right? And that's the fear of going into a potential recession. And this is where I Found this article to be very interesting.

You guys can see that gold slides below 2000 Market eyes Fed rate height clues. For those that are unaware, the Federal Reserve is set to announce their next interest rate hike not until next month and that is going to be on Wednesday May 3rd, 2023 at 2 Pm Eastern time. But why is this significant? Well again, it is to be expected that the Federal Reserve could potentially either not raise rates at all either and or actually begin its rate Cuts That's what pretty much the market would love to see if the Federal Reserve were to announce a rate cut meaning not increase in interest rates like we've seen in the past, but actually cutting back on interest rates, making it less expensive to borrow money that could send the stock market skyrocketing. Because at that point it means the Federal Reserve has the intention to potentially pivot.

Now, although the Federal Reserve and Jerome Powell has not said anything about pivoting, it's what the market has factored in. Think about this again. It's very simple. It's not rocket science.

do you guys remember that? All of a sudden, right? And this was in the middle of March All of a sudden when Silicon Valley Bank announced that it was failing and that the FDIC had to step in. what happened? It was literally one day after that, the market began to actually indicate signs of an uptrend and then the following week it was forming higher highs and higher lows. Why? Well, because it was expected that because these banks are failing and the fear of more Banks failing that the Federal Reserve is going to have to pause its fight against inflation. Now we know that larger banks are not failing.

JPMorgan Wells Fargo Citibank All announced earnings last week and they came out just fine. JP Morgan announced that it actually benefited from smaller Banks showing signs of potentially failing where people that were invested and had their money in Regional Banks smaller Banks They actually withdrew their money and deposited into larger Banks such as JP Morgan and as of today we found out that Bank of America also benefited from it. So it is just supporting the idea that these banks are actually doing just fine. So does that mean that we should be retracing and giving back everything that we gained because of what was originally factored in and that was that the Federal Reserve was going to have to Pivot and and startage rate cuts and posit interest rate hikes because now we know that these banks are doing well and that they could tolerate larger and or more interest rate hikes.

and again, that's what again this little Uh article actually covers is where there is uncertainty of what's to come with this up and coming interest rate hike. and a lot of you guys know anytime that the US dollar goes up, then of course gold goes down and vice versa. I actually brought it up here for you right now on where Nasdaq futures currently sit and NASDAQ again is still holding above 2000, but for a short period of time it did break below. Uh, gold itself is very overbought if you look at this on the overall day chart based off of recent patterns, I mean we are dating back to previous highs of 2011 2012.

we were traced back all the way to lows of 1000 and then again the same common resistance level that we have seen here multiple times. right around 2 000 dating back to 2020. What is this? 2022? and then as of right now, 2023. Now, of course, patterns tend to repeat themselves.

They don't always have to. This thing could continue to make new highs, especially if there begins to be more uncertainty within our economy if they continue to raise interest rates. If they continue to show signs of a potential recession, then obviously gold will rise as the fear of a recession comes about. right? Because I'm the value of the US dollar goes down.

Very simple to understand, but I just wanted to make sure that you understood where gold currently stands and gold based off of recent patterns, right of overall lows and overall highs and previous resistance levels, right? Peak Here a peak here this is 2020. August this is 2022. Uh, this is February We were traced back to a common support range of right around 1700, right? I I Need you guys to be aware of oversold and overbought levels for gold so you have a better understanding of where gold currently sits If this is not something that you pay attention to, if this is not something that you follow, well, now you know you can literally. Google Search gold.

Futures You can look at the day chart and just look at the overall big picture. You don't have to trade any of this, but it's also very valuable for you to understand where gold currently stands Because if you see the big picture, it's very easy to see how overbought we are based off of recent patterns and how much downside risk there is or potentially upside potential for our Market to recover if gold does begin to actually retrace. but if we break Above This previous resistance level and again, gold can end up climbing into highs of maybe 2100 2200 as we break above those highs and then potentially the dollar making new lows but again, very frustrating. NASDAQ Market Still not picking aside, we continue to consolidate up here.

so again, only time Motel Central Alerts allow opportunity to present itself And just like we said in today's earlier video, today's pretty much a great example of a day potentially worth not even trading, especially if you don't even really like 1.5 margins, right? Because even in a perfect world when it comes down to Ttq and this overall recovery after confirmation I mean this is a 1.6 move. It wasn't a very unique day, it wasn't a very lucrative day, and this is what we love to remind you is to never be afraid to stay patient, especially if direction is not super clear. So let me know in the comment section what you guys think. If you guys want me to talk a little bit more about gold and why it's important then just feel free to let me know.

And I'd love to make more videos on it. Do not forget again if you want to be able to watch me trade live as soon as tomorrow, that's our OPP team and that's that second link in the description down below and I'll see you tomorrow at Market open for our live trading session. Also, don't forget to enter our GTR giveaway if you want to learn more about on how to enter. that's the fourth Link in the description down below and friendly reminder you can't win the giveaway if you don't get like always, let's make sure that we're in the year on.

Agree now! Took it as a team.