Can Gold and Silver Repair the Damage?
Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets.
Went out to brokerage clients before the bell
Gold (August) / Silver (July)
Gold, yesterday’s close: Settled at 1978.7, up 4.4
Silver, yesterday’s close: Settled at 23.635, down 0.112
Gold and Silver futures were working higher early yesterday and received bullish tailwinds from weaker than expected ISM Non-Manufacturing data, which helps set the stage into next week’s Fed meeting. Remember, our narrative has and will always be the Fed cannot telegraph a pivot, pause, skip, whatever you want to call it, until the exact moment they are ready, due to the market’s reaction function. Given the current landscape, we believe the stage is being set for a skip or pause, and this factors into our cautiously Bullish Bias. From a technical standpoint, Gold’s constructive session yesterday is now testing the repair zone and both Gold and Silver have major three-star resistance at... Click here to get our (FULL) daily reports emailed to you!
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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. For more information please view the Barchart Disclosure Policy here.