Massive day for commodities. Copper, Oil and Uranium all had mini breakout patterns. This is all despite the USD being green on the day, helped namely by the JPY and the BOJ failure. That said, the DXY is at resistance at 102 and id be surprised if it can work its way up to the next resistance that i see at 102.8 / 103.
Gold, Silver and the miners had a decent day too. We need gold to close above $1980 and silver above $25 to really see the breakout mode in play there. That would entail Gold going to $2020 and Silver to $26. Any moves higher than that and we are talking serious breakout mode. The miners by then would be seeing very strong moves indeed!
Markets otherwise were unchanged and I always favour a move to teh downside after the huge move up already. This complacency given the fundamental state of the economies and geopolitics is mind boggling. Interest Rates also look like they want to go higher and a breakdown in teh bond market surely will be the end of the stock market as yields will smash banks and other institutions (corporate debt, bank derivative & bond exposure, mortgage-backed securities, etc)
Elsewhere, bitcoin was again quiet and weak. Any day now it should be pushed off a small cliff and go towards 27-28K…from there we will see…..
Anyway, nuff said…check the video!
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Intro: (0:00)
Markets – SPY / QQQ / DJIA / IWM / VIX: (01:32)
Banks – XLF / KBE / KRE: (02:59)
Yields: (04:15)
DXY / FX: (06:07)
Copper: (08:04)
Natural Gas: (08:56)
WTI Oil: (10:03)
Uranium: (11:31)
Gold/Silver: (12:30)
GDX/GDXJ: (15:34)
Bitcoin: (17:36)
Outro : (18:31)
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4 Comments
Gold is allready above 2,000. You said its not even at 1980.
Gold is 2004
Those guys are quoting the gold futures prices and not forex price, when gold forex was 1971 that’s when gold futures was above 2000
Ps, hopefully I’m totally wrong on fx! and dollar rolls over sooner than later! weaker jobs, lower cpi, … and over she’d roll??? meanwhile some
of those better $miners may just get more appealing