Loading ...Doubt we’ll see anything too dramatic until the Fed announces a 50 bips hike. If they do more, the SM will crater and likely take pm’s with it. The SM might crater regardless, that was a pretty big reversal lower yesterday.
PM shares traded heavier volume yesterday and closed with a little bit of strength but still well off the highs. Silver was soundly rejected at $24, although I’m not sure why, I don’t see it as a stopping point on the charts. While silver is well above its 200 dma, GLD just broke above its’ own. Neither have seen the 50 cross the 200 yet, which I’d think might indicate a lot more upside. As we all know, TA is unreliable to the upside.
USD is flat. So are the metals. Good to see gold back above $1800. Hope it’s just the beginning of a multi month rally.