Overnight, Precious Metals are flat after yesterday’s slightly higher trading session.

At the same time, U.S. equity futures slide overnight, tracking European markets, while the U.S. Dollar firms as two-tear treasury yields consolidate at 4.72%.

Crude Oil continues to extend its gains on escalating tensions in the Middle East, and Hurricane Beryl is strengthening to a category 5.

Today we will see a lighter economic calendar with the JOLTS labor market report. Expectations are for 7.96 million job openings. This is one of the Fed’s preferred indicators as the number of job openings is a leading indicator of the health of the labor market.

How am I seeing clients trade?

Clients have been adding to longer-dated Copper and Platinum Call spreads while also targeting a rebound in the agricultural markets.

Taking it to the Charts

Gold

• Critical support $2300
• The first resistance is Friday’s high of $2350, followed by the 50 DMA at $2361. A close over $2386 will nullify the bearish trend as we have retraced the June 21 sell-off. Once a breakback above $2400 occurs, momentum traders begin to re-enter the markets. The Average True range is $32

Silver

• Remains in a consolidation pattern with critical support at $28.77 and complacency at the 50 DMA at $29.63.Futures will need to break through $30, followed by $31.01, in order to capture another in order to attack contract highs near $32.50.

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One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
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