How to Trade 4th of July Short Week
It’s a holiday-shortened in North America this week. It’s Canada’s birthday Wednesday and, of course, U.S. markets are closed on Friday as it’s the 4th of July.
So expect markets to behave a little oddly this week and be somewhat front-loaded.
In broad market news, there are a few catalysts which could potentially see a further downturn in the economy and another drop-off in the stock market. A high unemployment rate being one of them…
Data to keep your eye on this week in that regard is US Labour Market Report & Initial Jobless Claims on Thursday July 2nd.
The fear of a second wave of the Coronavirus is another one…
Confirmed cases have now eclipsed 10 million worldwide with the death toll nearing half a million.
So where do the opportunities lie this week, this summer and beyond into the U.S. election?
With a prospective devaluation of the U.S. dollar, economic uncertainty, and rising demand for physical gold, a gold breakout above the $1,800 per ounce level in the somewhat near term isn’t so difficult to see. Even Goldman Sachs analysts are predicting gold to move to as high as $2,000 per ounce by 2021.
Watch the full interview with the Wealthpress Head Traders to see what other trading opportunities they are paying close attention to.
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