Overnight, the Precious Metals are higher. 

Fed officials suggest that interest rates should stay higher for longer while China continues to show a two track recovery where Chinese retail sales grew by 2.3% in April, the slowest pace in two years, while Industrial production rose faster than expected. 

Quick Recap 

We saw a healthy consolidation in the precious metals yesterday, June gold futures remained pinned below $2400/oz, while Silver fluctuated in and out of positive territory. The U.S. Dollar bounced with Yields, the Dow crossed 40,000 for the first time while the Meme stocks and Bitcoin corrected. 

It felt like more of a day to right size and reposition rather than trying to be a hero. 

Watching accounts trade through Blue Line Futures, I saw a lot of risk management implemented with traders raising stops and trimming excess positions. What is interesting about a number like $2400 Gold and $30 Silver is the drop in the Gold Silver Ratio from 92:1 earlier in the year to 80:1, which is that emotions begin to build. I saw traders adding to Silver because the ratio was too high, and now traders are starting to short Silver because the ratio is too low. That is what makes the Bulls and the Bears. 

S&P 500 

Critical Support comes in at 5295, where a retest could support a bounce back up to 5320

Crude Oil

Prices are still in a sideways channel, with $80 on the upside and $78 on the downside; we will need to see a breakout beyond this range to determine the next direction. 

Connect with Phil: https://bluelinefutures.com/2023-signup/?utm_source=Phil-Streible-Barchart

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