Gold, Gold, Gold — Nick Santiago 11-29-23 #545

1.Markets are trading higher today after the . The catalyst for the move higher was from the second estimate for Q3 GDP showed real GDP increasing at an annual rate of 5.2%. This number was expected to be strong but was better than expected. Later today, the Fed's Beige Book will be released at 2pm ET.

2. The Russell 2000 Index (IWM) is the big winner so far today. As many of you know, when the small caps lead markets it tells us that risk is on. That is the case today.

3. Oil has been ticking up this week ahead of the OPEC meeting. Apparently, OPEC is looking for OPEC+ to cut production. We don't know if that is going to happen. Either way, the chart is telling me crude is going down to the $69-70 level.

4. Gold has been a powerhouse lately. Yesterday, the precious metal surged and today it is slightly higher. Please understand, gold has not broken out yet, but it is getting close.

5. Bitcoin is pulling back a little today, but it does not seem as if anything is wrong yet.The daily chart is fine and the short term trend is up.

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