Loading ...Stranger things have happened.
Metals up comfortably at this early hour with the dollar and rates down a little. Even the dollar was due for a pause at some point. Rates are down as couple bips after being up 6 bips yesterday. Oil bouncing back above $60. Bitcoin giving up another 1%. SM futures flat.
I confess, I didn’t think we’d be moving higher. Gold back above $4K and silver staring down $49. Shares look healthy premarket, even AG bouncing back 3%. HL had good earnings.
I’m with Deer79, I’m not sure how the supply problems got fixed just because they moved metal from one warehouse to another. The question is whether the metals can move up above their 20 ema’s and stay there. They’ve managed not to breach their 50 dma’s and have definitely worked off the overbought conditions. The shares of course did drop below their 50 and entered bear market territory with a 20% correction – some stocks more than 20. That will need to get fixed.
Hope fully we’re near the end of a violent shaking and can move back up.