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Gold(GCG23)
COMEX

Today's Change
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Can Gold and Silver Rebound?

Blue Line Futures - Tue Dec 6, 2022
Gold - gold bullion stacked

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Went out to brokerage clients before the bell

The below is a portion of our full report.

Gold (February) / Silver (March)

Gold, yesterday’s close: Settled at 1781.3, down 28.3

Silver, yesterday's close: Settled at 22.417, down 0.833

Fundamentals: One of the most seasonally bullish times of year for the precious metals complex is right around the corner, but before then, there are clear fundamental headwinds. As we noted in the S&P/NQ section, the odds of 100bps worth of hikes from the Fed through February have increased to 63.7%, from a coin flip. Additionally, the U.S. Dollar Index is at a critical area of support, and Treasuries a critical area of resistance. However, all is not negative, the Chinese Yuan has strengthened back below the psychological 7.0 mark versus the U.S. Dollar. The week builds into a critical read on inflation with PPI on Friday, and we would not be surprised to see a continued consolidation lower until then.

Technicals: Price action is consolidating lower, and this is healthy. After trading above, both Gold and Silver surrendered big levels of technical resistance at 1806-1809.6 and 23.08-23.25 yesterday. Trading below here encourages such a consolidation, and furthermore, while trading below our Pivot and point of balance at ... Click here to get our (FULL) daily reports emailed to you!

Bias:

Resistance:

Pivot:

Support:


Silver (March)

Resistance:

Pivot:

Support:

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results

On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.