|Day's Range||2.3600 - 2.3600|
Italy on Sunday reported its third death from the virus that originated in the Wuhan city of China December last year, with more than 150 confirmed cases, almost all of them reported since Friday, as noted by Reuters earlier. The sudden spread of the virus in Italy, which poses wider fears of a spread in other European countries, was accompanied by the rise of cases in South Korea. Pakistan, Turkey, Afghanistan, and Armenia closed their border with Iran on Sunday, where at least eight deaths have been confirmed, as reported by France 24.
Stocks are under pressure on Friday, falling as coronavirus worries continue to weigh on equities and drive up safe-haven plays. That said, here's a look at some top stock trades for next week. Top Stock Trades for Tomorrow No. 1: Slack (WORK) Click to Enlarge Source: Chart courtesy of StockCharts.comSlack (NYSE:WORK) is up more than 2% on the day, despite jumping more than 6% in pre-market trading on reports that Uber (NYSE:UBER) will move all of its employees onto the platform. WORK has had momentum after similar reports of IBM (NYSE:IBM) doing the same thing earlier this month.Slack's rally drew in sellers on Friday, but the stock is still looking better overall. Earlier this month, Slack broke out over the 100-day moving average, then held this mark as support on a pullback.InvestorPlace - Stock Market News, Stock Advice & Trading TipsA few days later, it pushed above the $26 IPO price. Now, investors want to see it hold up above the $26 to $27 area. Above keeps Friday's high of day and $30-plus on the table. * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 Below this area and the 20-day moving average, though, and the 50-day and 100-day moving averages are on the table, with both near $23. Top Stock Trades for Tomorrow No. 2: Gold ETF (GLD) Click to Enlarge Source: Chart courtesy of StockCharts.comThe SPDR Gold Trust ETF (NYSEARCA:GLD) remains red hot, as investors continue the flight-to-safety trade even as equities have done well the last few months.With Friday's gap up, the GLD is hitting new 52-week highs, while sporting an overbought condition on the relative strength index (RSI). The move caps six straight sessions with a gain, as GLD broke out over $150 this week.Just because shares are overbought, doesn't mean the stock can't run higher possibly to $160. However, investors may prefer to wait for a dip. Preferably, a drop down to the $150 breakout mark will be met with support -- a strong sign that bulls are still in control.It would also be attractive to see the 20-day moving average hold as support. Below both measures puts the 50-day moving average on the table. Top Stock Trades for Tomorrow No. 3: Deere (DE) Click to Enlarge Source: Chart courtesy of StockCharts.comShares of Deere (NYSE:DE) are hitting new annual highs on Friday, after surprisingly better-than-expected quarterly results. The stock is pushing through recent resistance near $177, but struggling to hold its gains above this mark.Above resistance puts a move up to $185-plus on the table. However, failure to close over resistance keeps downside levels in the realm of possibilities too.That would first put the 10-week moving average on the table near $172, followed by a slightly deeper dip down to the $161 to $163 area. There, Deere will find the 50-week moving average and uptrend support (blue line).After such a favorable reaction to earnings, I wouldn't normally look for such a pullback. But when considering current resistance along with the possibility of a larger market correction, these downside marks become possible. * 3 Wild Stocks To Wrangle In This Bullish Market Overall, just stay open-minded and flexible. Let price be the guide, not opinion. Top Stock Trades for Tomorrow No. 4: Dropbox (DBX) Click to Enlarge Source: Chart courtesy of StockCharts.comBucking the trend on Friday is Dropbox (NASDAQ:DBX), which is up 23% at one point after reporting earnings.The charts for this one are really interesting. With the move, shares are ripping through the 20-week moving average -- which roughly translates to the 100-day moving average. This measure has been resistance for several months now, stymieing each rally in DBX stock.Furthermore, the stock burst through the 50-week moving average and long-term downtrend resistance (blue line). One measure many investors are surely not considering is the newly established 100-week moving average, which just came into play at $23.76. Guess what Friday's high is so far? DBX came within 4 cents of that mark.On the upside, the 100-week moving average is now the mark to clear for more upside. If it can, $26 is on the table. On the downside, though, see that $20 to $21 holds as support. $21 is the IPO price for Dropbox, while this area also marks the 50-week moving average and backside of prior downtrend resistance.The chart for DBX is my favorite from this week, purely from a technical perspective. However, that doesn't mean it's the best buy or anything like that. Just pure technicals that make it a fun one to study.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 * 5 Tech Stocks Vying to Win the AR/VR Race * 7 U.S. Stocks to Buy on Coronavirus Weakness The post 4 Top Stock Trades for Monday: WORK, GLD, DE, DBX appeared first on InvestorPlace.
Gold prices touched a 7-year high as more coronavirus concerns continue to fuel a safe haven flight to assets like precious metals. “So far ... gold has demonstrated its safe-haven qualities and we stay long the metal,” UBS analysts led by Wayne Gordon said.
Gold miner stocks surged Friday toward a 5 1/2-month high, as growing worries about how the coronavirus outbreak will impact the U.S. economy send gold prices surging toward 7-year highs. The VanEck Vectors Gold Miners ETF jumped 2.8% in morning trading, with 36 of 48 components trading higher. The put the ETF on track for the highest close since Sept. 4. Among the more-active U.S.-listed components, shares of Harmony Gold Mining Co. shot up 9.7%, AngloGold Ashanti Ltd. soared 11.1% and Newmont Corp. hiked up 1.6%. The SPDR Gold ETF , which tracks gold prices, ran up 1.6% toward a sixth straight gain, and toward the highest close since March 2013. The safe-haven metal was getting a boost from growing worries that the coronavirus outbreak will hurt more than just China's economy, which were fueled by data from IHS Markit showing that business in the U.S. contracted in February for the first time in four years.
For example, the SPDR Gold Shares (GLD) and the SPDR Gold MiniShares (GLDM) are closing in on year-to-date gains of 6%. The lustrous metal, which is a traditional safe-haven for investors, is benefiting from the current global uncertainty involving the coronavirus outbreak, which is significantly damaging global economic growth. Gold and ETFs such as GLD and GLDM have ample tailwinds in 2020 after ranking as one of last year's best-performing commodities.
Technically speaking, the S&P 500 has staged a thus far orderly pullback from record highs, though the downturn is worth tracking for potential acceleration, writes Michael Ashbaugh.
In the capital markets, the term “black swan” is not to be taken lightly, unless you're a bullish gold trader--then it's time to get heavy on precious metals. The coronavirus is putting a mixed martial arts-like stranglehold on the markets and if it turns into a black swan event in China or other parts of the world, it could spark a gold rally. “For gold really to move, it would be some kind of exogenous shock, which might push it higher,” Rhona O’Connell, INTL FCStone head of market analysis for EMEA and Asia Regions, told Kitco News.
Due to the coronavirus epidemic, gold ETFs, such as the SPDR Gold Shares (GLD A-) and the SPDR Gold MiniShares (GLDM), are rallying on safe-haven buying to start 2020. For its part, GLD, the world’s largest gold-backed ETF, is higher by more than 3%.
Investing in gold has never been easier than it is today. Check out this article to learn more about gold ETFs and other ways that you can add gold to your portfolio.
After four days of massive gains in the stock indices, markets pulled back on Friday, giving gold a boost, as renewed fears that the coronavirus may be continuing its insidious spread are taking over.
As more investors turn to ETFs to access the markets, gold ETFs have become a go-to choice to easily and quickly gain exposure to the precious metal.
Let's look at some ETF strategies that can be followed as the rapidly-spreading coronavirus eruption is expected to disturb global economic growth.
Due to the coronavirus epidemic, gold ETFs, such as the SPDR Gold Shares (GLD) and the SPDR Gold MiniShares (GLDM) , are rallying on safe-haven buying to start 2020. In its ongoing contagion, the coronavirus has now shown 31,211 validated cases in China and a minimum of 637 deaths as of Friday morning, although there is a possibility that the rate of infection is slowing said World Health Organization officials on Friday. “In the meantime, options trading has picked up, with puts trading at six times the expected pace today,” reports Schaeffer's Investment Research.
Gold prices have been relatively muted as investors are reading into Federal Reserve Chairman Jerome Powell’s neutral tone on the economy and the remaining wild card in the markets known as the coronavirus. Gold prices are slowly facing downward pressure as a risk-on sentiment creeps back into the markets following lesser cases of the coronavirus occurring. Tuesday is the first day of Powell’s testimony before Congress.
Gold is the granddaddy of precious metals, at least from an investment perspective. But other precious metals such as platinum and silver have their own place in a savvy investor’s portfolio. They are tangible assets with intrinsic value. The Federal Reserve cannot print more of them. Both gold and platinum have their own unique qualities. In this […]
As the coronavirus outbreak continues to be the wild card in the markets, the safe haven of precious metals is in high demand, especially for exchange-traded funds (ETFs) that are backed by gold. ETFs have been stockpiling gold as more coronavirus news continues to invade the financial markets. The ETFs trade like a stock but track the price of gold, with the commodity put into storage to back the shares.
While the U.S. markets seem to push the coronavirus outbreak from the forefront of their worries, China continues to struggle with its effects as more cases of the virus surface and claim more lives. This is pushing precious metal prices like gold steadily higher. Asian and European shares were higher overnight as traders and investors at least for now have pushed aside the coronavirus outbreak in China.
As more investors turn to ETFs to access the markets, gold ETFs have become a go-to choice to easily and quickly gain exposure to the precious metal. According to DataTrek research, ETF investors have been a key driver of the 18.4% full-year gain in gold prices, even as global demand for the precious metal dipped 1%. While volatility caused the markets to swing and global downturn concerns pushed investors into safe-haven plays, ETF holdings of physical gold increased 16% to 2,886 tons, or an all-time high.
Investors in exchange-traded funds reacted to a higher price for the precious metal, and helped push it even higher, a trend one analyst expects to continue.