Gold spiked up over $45 on today's strong employment report, hitting a high this morning of $2,735. As is evident from the Gold Futures chart below, it can't go much higher without being a bona fide breakout, but also evident from the price pattern is that the corrective wave from the October 2024, Wave V $2,800 high print, may not yet be over. Ergo, this Buy Signal is "Pending" a definitive close above today's spike high @ $2,735 (currently @$2,730). Once above the breakout line, Fib target is mid $3K. GC - Gold Futures We are on a Gold Buy watch day-to-day, until we eventually get back long GLD calls. If it were to happen today, the preferred call is Feb 21st $250C. GLD Calls Special Note: Big Picture Breakdown Here is an updated QQQ chart, which suggests the breakdown we have been anticipating is taking place on cue...it was the employment report, or maybe the LA fires, or who knows what, that has triggered an today's sharp decline. Pattern recognition suggests much further to go on the downside, meaning higher prices for SQQQ. QQQ 120 Minute QQQ Daily SQQQ 120 Minute
