S&P 500 Market Outlook: Mildly Bullish

Bullish Trade: GLD $161.41

The bullish DailyPlay for Tuesday, April 14th is SPDR Gold Shares (GLD). GLD has been steadily rising as the stimulus package and low-interest rates fuel demand.

Fundamental View

• Gold has reached a seven-year high
• Massive filings for jobless benefits and steps by the Federal Reserve to uplift the economy has bolstered demand for metals
• The prospect of low borrowing costs is fueling demand for bullion

Technical View

• GLD has been in a strong 1M and 6M bullish trend for the majority of 2020
• With support around $147 and the prospect of easier monetary policy, GLD has the potential to continue higher
• Strong relative strength score (9 out of 10)