We are getting long here.

We are only covering the U.S. markets with today's piece as we have spent most of the day, putting out short ideas to clients.

We are getting long gold right here as the price is breaking the downtrend off the recent high.

Stop on the gold trade at 1630.

Just about all the indices reviewed have the same look, a sharp decline, and now the first sizable rally off a low. We would expect a retest at some point in the coming days/weeks, which will provide a more sustainable advance.

April Gold has reached the upper end of our target range at 1556, and we would be taking a small portion of the long trade off and trail the rest with a stop. There is potential for a move to the 1577 - 1587 area from here.

For those that have multiple contracts, this is the zone where we would take a partial position off. Lock in a partial profit, and let's see if we can get to the upper end of the range.

Price is setting up for a long trade and we will buy on a move above the upper blue range at 1503.40. Using a stop of 1482 and an initial upside target of 1527.50.

We have a great reward to risk setup in Gold, Silver, and Platinum.

With global markets in freefall, we are only highlighting two markets that we have something of note to talk about.

We are taking a long position in gold bullion using a tight stop.

This swift global equity market decline sparked by the coronavirus outbreak has put many markets in a weak position. In the U.S., the Russell 2000, Mid-Cap (MDY), and Dow Transports are below long-term trend support. In Europe, we had some indices at or very close to our upside target zones and now have revered and look very weak. The chart of the S&P on page 3 shows two scenarios we have for a bullish or bearish outcome from here. Things should become clear in the coming days as to which one takes hold.

Gold achieved an upside target at $1701 today. We are taking a short position with a stop just above today's high.

Update on the EURO and DXY

We are covering the U.S. markets in today's report and will follow up with the European and Asian markets later this week. The volatile markets have distorted the short-term structure in many indices, and in most cases, the long-term structure remains intact.