Additional QUICK Trade

I know this might seem surprising, but it’s hard to pass on such a good opportunity, even though it’s not about the precious metals market.

In my opinion, a quick long position in the SPXL ETF (which is a 3x leveraged ETF for the S&P 500 Index) is now justified from the risk/reward point of view. Of course, beginning investors might want to purchase SPY ETF (unleveraged ETF) instead.

S&P 500 touched its 50% Fibonacci retracement and its mid-2024 low pretty much at the same time, and it’s now reversing.

Given the sharpness of the decline and how strong the support is, we’re very likely to get a rebound here, so profiting on it seems to be justified from the risk to reward point of view.

For the record - the SPXL ETF is trading at $109.63 at the moment of writing this.

I’ll provide more context in today’s regular Gold Trading Alert (in about 30-80 minutes).

Thank you.

Sincerely,

Przemysław K. Radomski, CFA