Gold (April) / Silver (May)

Gold, yesterday’s close: Settled at 19499.6, up 8.5

Silver, yesterday’s close: Settled at 22.786, up 0.361

Fundamentals: Gold and Silver had a strong session, settling higher before the Fed announcement and carrying added strength through the electronic close. Per our discussion in the E-mini S&P/NQ section, the Fed hiked by 25bps, which was in line with the 5.1% terminal rate expected, and Fed Chair Powell was not dovish, however, it was U.S. Treasury Secretary Yellen who dented risk-sentiment with her banking comments. Gold and Silver were able to use this as a bullish tailwind overnight and are now digesting a better than expected Jobless Claims number at 191k versus 196k. We remain optimistic, but one must understand the situation continues to evolve, and traders should not chase into spikes.

Technicals: Gold traded into major three-star support yesterday at 1936.4-1938, with Silver remaining much more constructive, building a flagging pattern. The initial hold of of strength yesterday warranted a reinvigoration of Bullish Bias, and this was confirmed with Gold trading out above major three-star resistance at 1967.1-1975.2 and Silver breaking out above major three-star resistance at 22.60-22.81. There is still a lot of work to do, and Gold must decisively move above the 1967.1-1975.2 pocket, denoted as our Pivot, and Silver must secure a close above resistance at ... Click here to get our (FULL) daily reports emailed to you!

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Silver (May)

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