When you look at the gold market, we have a chance to be below the 18-week average. Until it pops back over $1,957 on a closing basis, I am still looking for downside.
The price of gold is up over $100 year-to-date and yet precious metal enthusiasts are suffering through some of the worst sentiment and depression on record.
Gold market got clobbered Tuesday, going into the $1,940 area. Silver lost its momentum against gold. The dollar was strong. The stock market is waffling.
According to JPMorgan, the market is currently trending toward unprecedented territory for platinum in terms of load shedding and load curtailment in South Africa, with some producers warning..
The liquidity that the Fed is producing is now flowing mostly into the tech sector and the stock market in general. I think it will start leaking into the Commodity Research Bureau Index (CRB).
You have a funny market taking place this week because you have the Juneteenth holiday. On Monday you have different closing times, some markets before noon.
Big gold-futures selling catalysts failed to break down gold to new lows, including another massive upside surprise in monthly US jobs and Fed officials forecasting more rate hikes than expected.
