Good morning. It’s Friday, October six, about 6 a.m. Central Time. Overnight, the precious metals are stronger after yesterday’s consolidating session. You got gold up $4.18 36. Silver up $0.24 21. 26. Copper is up for 359 and platinum is up to at 865. So the U.S. dollar has been losing some of its upside momentum as well as Treasury yields.
You’ve got gold and silver. They’re beginning to consolidate and look to form a bottom a little bit better action in the silver market, while also in the copper market looking at platinum continuing to slide lower. We’re going to need some catalysts in order to bring that market back up. Analysts are starting to look forward to 2024 and they’re starting to make some bold predictions.
They really believe that the Federal Reserve is going to have to backpedal on some of these aggressive interest rate hikes that they’ve seen in most at most analysts are beginning to believe that bonds will be one of the best performing asset classes for the first half of 2024. That will roll over into the gold market as well. So you’ll see gold and bonds.
We’re going to have to look at some historical data, see what happened in those years where they led the charge at the beginning of the year. So looking ahead at some things to watch. It’s one of my favorite days. You’ve got nonfarm payrolls. They’re expecting 171,000. The unemployment rate at 3.7%. If we get anything like the ADP number, which was 89,000, you’re going to see a big material jump, especially in the precious metals markets.
You’re going to see the rug pulled out in the dollar. The key level to watch in the dollar is that 105 36 That was last Friday’s low. Once the core PC number came out a little bit softer than expected, the dollar did build back all of its losses on that particular day, and that’s where the rug was pulled out on the gold and silver market.
So looking at your key levels of support here, the current trade right now still bearish on gold and silver, but the trend reversal points are starting to come down. And the gold market, it’s 1924, the 200 day moving average still at 1981. What’s nice to see is those key levels of support rising out of those 1798. So we don’t want to see any of those 17 handles.
So the first level support 1800 dollars, second 18, 11, third, 1824, about $13 lower from where we are here. The resistance points on the gold market are all consolidating and 1840s to low 1850s. So 1841, 1847 and 1854 or your key levels of resistance. It’s also nice to see on the silver market, although the trend reversal point 2332 we’ve got a lot of people they’ve been calling in especially the last couple of days here with silver dip and below that 21 level.
They really want to buy at these kind of levels for long term positioning. I think the crude oil market for the March contract and also the March silver are two plays that’ll set you up in the long run to consider for your account. Member Crude oil is one of the best gauges of inflation. If not, it is the gauge of inflation in food and energy, in my opinion, are the most paramount components of inflation.
So why not own an asset class like crude oil in the seventies as you go out into March? Now, looking at the critical levels here on silver, 21, 40, 21, 69 and 2197 are all your resistance points, your support 2003 So back above that 19 handle, we don’t want to see that 2039 in 2076. So the outside markets are stronger.
They’re all looking to form a bottom. We’ve got the S&P back over 4300. The US dollar index up only four at 1.6. Crude oil is up $0.11 at 8242 Treasury yields. They’re starting to consolidate after hitting some unprecedented levels, up three at 474. So we want to see a miss in the non-farm payroll number and then also the unemployment rate, they’re expecting 3.7%.
We really want to see it come in at 3.8. If you’re a long term bull on some of these precious metals, are you want to see us snap back If we do get higher numbers. So some kind of unexpected blow away, they’re going to pull the rug out on this stuff. So sustainable. Stay defensive, you get the pop, take a little off getting questions.
Give me a call. Three, one, 28587303. Remember, futures option trading involves risk of loss being pursued will tell investors good luck and good trading.