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Went out to brokerage clients before the bell

The below is a portion of our full report

Gold (December) / Silver (December)

Gold, yesterday’s close: Settled at 1702.0, up 30.0

Silver, yesterday’s close: Settled at 20.589, up 1.550

Fundamentals: A perfect storm of immense pessimism directly associated with the precious metals space, coupled with a blow-off top in the U.S. Dollar Index and a reprieve in the rise of rates has opened the door for a massive rally. Yes, the potential of a less hawkish Fed from such previous expectations is most correlated with three aforementioned factors. The rally is definitely a cause for excitement, but like we always say, one does not want to chase this rally; it remains of the utmost importance to pick your spot. Furthermore, if you have been long, it is prudent to lock something in here, we certainly are. Remember, there is a busy week of Fed speak ahead, ISM Non-Manufacturing tomorrow, and Nonfarm Payrolls Friday.

Technicals: There is no doubt that much of this strength in Gold and Silver can be attributed to short covering. Managed-Money net shorts in Gold, as of last Tuesday, remained at the highest level since November 2018. Silver shorts were pushed against the ropes three weeks ago, but still remain at the highest level since June 2019. Every rally starts with short covering, and now it is up to the bulls to take the reins. Both Gold and Silver are testing massive levels of resistance at ... Click here to get our (FULL) daily reports emailed to you!
 

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NQ (Dec)

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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