Gold And Silver Surge As Stock Market Digests Massive Gains

Hello everybody welcome to trading the close my name is Drew Dosik and guys the markets did take a breather for the most part today as far as moving up in the indices but they did not take a breather for both gold and silver that both broke out on the charts confirmed on the charts too mainly because of weakening ADP data as well as jolts reports helping to reduce the potential chance of a rate hike coming up in September guys I looked at that just before this show as far as the fed predictable tool it's still showing a 55 chance of a rate hike come September but then now we're looking at a 45 chance for keeping the rates the same so basically really close to a coin flip with the most recent economic data gold and silver spike so let's get into some charts take a look at what happened throughout the course of the day today plus we've got some earnings to get into guys we've got some movement after hours you can see these stocks up here on the tickers we're going to be covering them too so first off the S&P 500 on the spiders ETF and you see here today guys we did get rejected from this inclining trend line this is an area that I've been highlighting for quite a while for you guys and let me rearrange my charts to show you this comes from a pivot back here in February of 2025 connected over to a pivot high that occurred here in October of 25 in our rally that has occurred these last one two three four five and now six days moving up accomplished a brand new all-time high today but did not close an all-time high territory in fact coming back down under that inclining trend line so near term that is the resistance for upward momentum right at 773 and 41 cents near term support is going to be back down near this consolidation range and more importantly I'm going to be watching to see what happens if and when price comes back down to the previous all-time high back here in June at a high of $760.40 we likely should see some pausing if we sell down to that range maybe even consolidating for a level of support. Next up into the Q's followed the S&P 500 moving down this one down 0.9% on the day you can see here though we did not touch any sort of upward resistance levels instead we just had an incredible rally most importantly yesterday's gap up over both of these resistance levels clearing the way for price to move and move freely in this area you can see here there's not much support or resistance right here we're just back in the previous consolidation so upward resistance is going to be here at $731.33 near term support is going to be on this horizontal trend line that's taken from the lows of Friday June 5th of this year that level is at $704.32 notice how that both converges right here on this declining trend line as well I anticipate if price does come down tomorrow that's where we will find intraday support. Next up into the SMH guys now this one behaved a little bit better and what do you you may ask well what do you mean well if you look at the spiders I mean we've ripped through this consolidation went to a brand new all-time highs you look at the Q's we're back into the consolidation and not hanging out down here underneath this main horizontal trend line that I highlighted back from June 5th in the SMH we are still in breakdown mode and you may say what do you mean well we're not back above this inclining trend line the S&P 500 we're all the way up here and this map this big rally this year has been driven by the semis and so I still believe the semis will lead the way this index is not pushing to new all-time highs that makes me believe that this could just be a near-term flash in the pan on the spiders in the Q's now where I changed my mind on that is if the SMH starts getting above this 50 daily moving average we have not cleanly done that nor have we even touched it yet notice over the next coming days that level likely is going to correspond with this also declining trend line on the chart and in the coming days we're looking right around six hundred dollars for that level so we'll see if we find resistance there and get rejected but basically if we start putting in closes above this 50 day moving average but then also would imply we would be putting in closes above this declining trend line we're likely then going to be start going higher on the charts but until that happens I'm watching the semis extremely closely to see if this rally near term will just fizzle out and then the selling re-emerge with potential new conflicts going on over in the Middle East I we were talking about hitting all of their energy grid but then now we're not doing that so you can quickly see how things change in the markets as far as risk on risk off but there's no doubt about it the move up the last couple days in the spiders have been extraordinary they have had very little pullbacks today we're finally seeing it SMH behaving very well to getting rejected at this trend line in the place in which it should get rejected next up the 10 year yield now part of the reason that gold was going up already touched on the weakening economic data other part of it was here the 10 year yield not ripping higher now we didn't drop down that much as you see it's only down just very very slightly but we're not going higher near term support on the 10 year yield down here four point five four two percent also on the dollar most recently has had a pretty steep decline now this was because of in japan with the japanese yen the US dollar helped to stabilize the yen as you can see the dollar took a hit because of it as well since putting in bearish consolidation right on top of this support trend line right at 99.55 so be mindful of that but all of these things combined help this chart of gold lift off and guys this is a mammoth green candle so you can tell investors were waiting they were lurking around trying to get some sort of news to pile on to make them pick hit the buy button and push gold right back into this parallel channel now guys before i zoom out notice how we followed this the last two days now yesterday we didn't confirm the breakout from the declining trend line but i highlighted that we did close above on monday the third and we were going to close above yesterday too but i was mainly angling for probabilities to shift with a daily close above that candle man that didn't happen today as far as just a little close we blasted through confirming a breakout from this declining trend line now this declining trend line is support and that would be in bad shape for gold if we were to get back down to this trend line so first things first for gold bulls you want to hold this parallel very similar to what occurred over the last three trading days we need to see a confirming move back inside of this parallel meaning that we need to get price tomorrow above today's highs that will flip this parallel entryway into support at four thousand two hundred and thirteen dollars if we don't do that we're vulnerable to come right back down with any sort of breaking news situation i'll remind you guys on this parallel this parallel for gold has been intact back here since april of 2025 with this most recent plunge underneath the only time price has done something like that in this parallel channel so this is basically rewinding the clock taking us all the way back here to july 6th in which we did close inside that parallel but the thing is guys this candle is an awful lot different than this one on july 6th this one looks like it has more staying power considering the length that it went today just to get itself back in that parallel so i'm leaning more for price to hold in that parallel it's a little bit of a shame i was anticipating gold to come all the way down here sub 3500 how that lines up so nicely and perfectly with these previous pivots didn't happen as of yet doesn't mean it won't happen in the future but at least this move today is telling me it's more or less going to be midterm instead of near term for that price action to get down lower same thing true here on silver great push up over four percent today confirming a breakout from this near term declining trend line and we'd highlighted this the other day too most recently silver just from this low pivot has pushed up and consolidated let's put in a nice short-term bull flag that is breaking out today confirming above this high pivot great move on silver next resistance and in point of contention this high pivot from july 6th at 63 dollars and 26 cents i do remind you i bought up a little bit of physical silver here when i noticed this bull flag and all the consolidation it wasn't a lot of physical silver matter of fact there were gifts for some members of my family um but i saw this and i was like you know what i'm not going to wait to buy these i'm just going to go ahead and buy them now the price come down lower fine i'll go ahead and buy more physical silver i already got physical silver but i wanted to buy some more around the 50 price range which i still in fact think that is a real possibility considering this parallel channel does take price all the way down sub 30 dollars by january of next year next up u.s oil um also pushing down on the uh charts today not necessarily in a big move but it did and we had some um uh news breaking about the red sea and how there was an uh an attack on a saudi tanker there that did actually spike up oil ever so slightly this morning but you see we've quickly given up those gains putting in uh what looks like to be a close very similar to the close from yesterday so we'll see where price if it consolidates in this range and then starts to move lower next support 72 dollars and 70 cents followed by this inclining trend line at 70 59 followed by this declining trend line at 68 59 it's like a spider web of support down here if and when price on u.s oil continues to push down lower next up nat gas look at the beating nat gas continues to take yesterday and today not getting itself back above this previous support of two dollars and 75 cents but guys i got to tell you this chart it's just making me more interested to be a buyer in that gas yes it's summertime yes it's not in high demand right now but ai data centers are pivoting to supply energy to their data centers and not tap into a lot of local grids in the system to offset some of the potential increases of cost that will trickle down to the rest of us no doubt about it so some of them are angling to go towards natural gas and they're doing so when nat gas is at the believe me that demand will spike the price of nat gas maybe not now but probably almost almost guaranteed by the winter when the rest of the northern hemisphere is going to be consuming a lot of natural gas throw in the data centers too and guys that tells me nat gas eventually is going to come back up to this inclining trend line when that happens exactly i'm unsure but with price this low on the chart it doesn't hurt to at least dip your toe in the water pick some nat gas up and if it goes down to 253 plan for that to happen plan for the worst case scenario to happen that way you're prepared and can either add to the position or at least have it so small you're not even concerned and waiting for that bigger move up on nat gas next up uh bitcoin bitcoin as you see here doing a great job so far putting itself back inside this parallel channel he's fought to do so ever since back here on june 5th we tried to get back up got rejected try to get back up got kept getting rejected and all these points pushed back up again got rejected back down so this has been a long battle for bitcoin on the bottom of the parallel channel all in these rejections creating an inverse head and shoulders pattern with that right shoulder not yet completely formed it needs to get back up to this trend line at 66,781 and from that point is going to be the next decision marker for bitcoin if we breach that then we're headed up to the $72,000 range get rejected here then we're down back at the parallel so let me rewind myself a little bit to where we are at now we're one day back in the parallel will we confirm this that will be seen tomorrow major level to pay attention to right here on this trend line $64,796 with gold's big move you better believe the miners like newmont also had a big move today nice push up breaking out of its bear flag boundary right here at $98.93 you can see from the most recent move in june push down beautiful sideways consolidation and then yesterday's price action made me start thinking all right guys we're getting close to a potential breakout and then look what happened today we broke through this resistance and then opened on top of this next level of resistance based off of this declining trend line here from march of 2026 huge move for newmont now for newmont the bulls you want to see price close above today's highs flip this level into support that way we can start marching up to 108.84 but big developments here on the chart of newmont and before we move on guys let me thank one of my sponsors rumble wallet rumble wallet does a fantastic job of making buying crypto and establishing your wallet very simple they use moonpay to help you fund your account you can use your debit card bank account or even a credit card get points fund that account get yourself some crypto not only crypto you can buy tethered gold to use a verified five as the promo code verified five either scan that qr code right over here or click on the link in the description they'll give you more details and help you set up your account that way rumble wallet really interesting way to go ahead and navigate the crypto space all right guys back into the charts we go flipping from newmont into disney with earnings guys disney had great earnings actually not the best but good enough to push it up above a declining trend line that's been in place back here since may of this year so a good breakout near term one candle above much like i'm gonna sound like a broken record because that's how these things work guys you need to have price get up above today's candle sooner rather than later so price doesn't meander back down into this bear flag now uh disney didn't beat on both lines they beat on eps they did not beat on revenue their streaming and park revenue really helped lift the boat that's why investors pushed price up here above 100 if this momentum continues we confirm above this declining trend line we got a bigger test for disney right on the horizon from this declining trend line back in july of 2025 that level is going to be roughly around 105 depending upon when price can get to it but significant level for disney to break on its next move up on the charts now we briefly covered a net yesterday after hours and guys this was trading up here at 225 but this is newsworthy because look what happened to a net price after hours was up here opened up the day above the parallel but yet still couldn't remain on top of this parallel channel plunged right back down inside the parallel almost filled the gap here from just yesterday so a huge decline from 225 all the way down here 15 percent decline on an earnings beat you know if you're an investor in here they sell the new situations obviously but you're not feeling that rosy when your company has a good beat and everyone's looking for the exit so next area support for to pay attention to on this chart since we did confirm a breakout from this inclining trend line this level will be support should price come down into it in the next couple days 188 dollars and 98 cents next up cdw guys look at this incredible green candle that occurred here on this chart after earnings they too reported beating on both lines but they had a slight miss on margin they reported a 20.1 percent margin that's down from the same time last year that reported 20.8 so we're only talking about a 0.7 percent difference in margin now wall street expected a 21.2 percent beat and so the slipping and sliding occurred right out of the gate look at us going all the way down tagging this 50 area of the parallel before rocketing all the way back up because the margin beat wasn't that bad guys and really to look at this inclining trend line hit once twice this would be the third hit and should get a bounce but guys with this open and recovery holy shmoly that's that's one incredible move so that tells me at least near term even though it's down nine percent this is one remarkable recovery if you're a bull on cdw pay attention to this trend line 135 39 if the bulls can hold that we're going for an attack at the top of this parallel that's held price down since april of 2024 and the next destination is got some work to do but man i really like that recovery from the lows that occurred today that tells me investors aren't willing to dump cdw for the long term now into some earnings today guys we got wdc reported after hours already plunged through this 459 level we flip over to the 10 minute chart and also throw on some extended trading hours you can see there that level actually worked pretty good so far so right now that fib level here at 459 47 one that actually worked two other previous occasions is working for the third time now generally you hit it over and over and over we likely could go down so if we do see selling pressure reemerge more so tomorrow this downward declining trend line should be that area catching price just above 400 so basically a 400 pierce likely should see some good support but i do like this inclining trend line back here from november of 2025 be mindful though that's already been hit three times but still this longer term trend line with a move from a significant distance this should provide some uh staying power for a bounce with some decent legs at 373 99 so you can see how around the 400 to 370 dollar range we should be getting into a zone where wdc is good uh for a solid bounce next up sndk another memory play popping off after hours this would not declining quite as much at least right now but it did decline pretty significantly guys you can see this dropping all the way down here to 1192 on the charts before bouncing up and 1192 wasn't getting near to my next support level on this chart now this also would be a fourth hit vulnerable for a 50 50 shot of breaking through right at 1046 dollars that's where i'm paying attention in the near term on sndk and if in case we do remain under this inclining trend line for the coming days of trading which would then result in a bear flag insinuating more downward pressure so that level for you to watch as far as upside to get into more bullish scenario at least near term is at 1353 1353 dollars lastly guys into app reported earnings today and you can see app this stock has really just kind of been whiplash all over the charts all up a whole bunch down a whole bunch up a whole bunch you can see these aren't little moves 418 dollars all the way up to 577 dollars this stock likes to move and move is what it's doing after hours you can see it down at the bottom of the screen 332 guys this is pretty nasty of a decline pushing price all the way as low as 297 ouch look at this on the daily though all right what's coming up we've got more levels of fib supports here at 317 15 followed by 262 and 64 cents so right now this level has currently held price up very well could be coming down and testing this gap fill tomorrow which is right around 300 on the chart of app nasty sell price action uh pushing down nearly 25 after hours nasty nasty all right guys uh that wraps up today's trade in the clothes don't forget to like and subscribe to the video send it out to your friends and family so they too can learn technical analysis on the charts look forward to being back here with you tomorrow until then guys we'll see you right here on the charts take care folks