After yesterday's raid failed to produce the desired washout, Turd began to get optimistic that prices would soon begin to recover. Today's action only served to increase the optimism.
A little something new for your podcast today. After a 10 minute general discussion, the remaining time is used discussing the charts below, looking for clues as to which direction the metals will break next. If you can, please click the charts and follow along while you listen.
The discussion begins with these two charts of the ES (mini-S&P):
Next up is the HUI, which rebounded nicely today and managed to eek out a close above 227:
Taper-schmaper. We next look at The Long Bond and its correlation with the price of gold:
De-escalate, de-schmescalate. How about an update on palladium vs gold:
And, finally, what can we learn from examining crude and The Pig?
So, taking all of that into account...IF the metals do, indeed, stabilize here and begin to rally a bit ahead of next week's Fedlines and BLSBS, what levels should we watch? In gold, let's keep an eye on $1295 and then $1305. In silver, $19.60 and then the area between $19.80 and $20.20.
And that's all for now. I hope you have a great remainder of your day.