Gold has held its floor and managed to struggle off the reversal sign we have been so near. It is now attempting to place in far from that ugly commerce that just about turned gold into a brief. The rally is nice, particularly since we’re lengthy; nonetheless, the rally should be larger and proceed to reverse the harm carried out to the charts. The important thing might be on the following sell-off. For now, we’re lengthy.
The identical motion goes for silver which, held help and is lifting above the main degree. Silver appears to be like stronger than gold and didn’t have practically as a lot harm however was in bother simply the identical. We have now rolled to September silver futures. The important thing degree to observe for right now is $17.75. Platinum has reversed and we’re now quick, because it was by no means capable of maintain the important thing degree.
As we speak the FOMC studies, which may create some main motion in metals. Everyone knows that their purpose is to maintain the greenback weak and rates of interest decrease, which they eventual fail at manipulating. We noticed an indication of that late final week when rates of interest began to rise regardless of the Fed. Their assertion needs to be bullish for gold, however you by no means know.
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