Overnight, Precious Metals are Exploding after yesterday’s contained rally.
Silver up 2.6%
Copper up 1.6%
Gold up 1%
Yesterday, we saw the latest reading on the labor market via JOLTS data, which measures job openings. I am noticing a recurring theme, and I wonder if this is common in an election year. If the data is something that is “pro-economy” such as job openings.
Remember, the stronger businesses are, the more people they will hire and the more job openings they will have.
Yesterday’s data beat expectations, with 8.14 million, above the 8 million mark. The April number from last month was revised lower by the amount of this month’s beat. Also, the bulk of these job openings are government jobs, which could be created out of thin air and then deleted at a later date. Call it manipulation?
Today will be a busy day with data before the markets close for July 4th with ADP, Jobless claims, and durable goods all released. Later in the session, the Fed will release its minutes from the last meeting.
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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