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Let’s talk some commodities and expand our coverage of the post jobs reaction with Ryan Gorman joining us, blue line futures market strategist. Hey, welcome back to the show. Got the dollar down, a pretty big reversal from early strength. How does that change our commodity conversation after the dollar spent the last three months?
RIPPON Yeah, thanks again for having me on. I mean, yeah, seeing that dollar come off is going to be huge for a lot of these different assets. If you’re looking at like the precious metal complex, if you’re looking at bonds, but you know, the dollar and yields, you know, they’ve just been ripping higher and continuing to show strength, which is really making this market struggle to have any conviction to the upside.
So, you know, when you’re looking at these things off, the number this morning had a little bit of a knee jerk reaction, it looks like saw some selling pressure out of some U.S. stock indices out of gold and silver. And then what you saw was we saw the dollar and yields kind of come off their highs a little bit.
And then I think the market digested that non-farm payroll blowout number and then started to look at the wage growth numbers, came in a tick below what we were expecting. So I think that’s kind of where the market drew its attention and that’s where we saw a lot of this strength coming out of gold and silver and U.S. stock indices as well.
You know, looking to close near the highs of the day.
Pretty impressive stuff here. And gold getting in the mix. Bitcoin crude, I mean, the whole kind of spectrum of risk assets moving higher. What stands out to you? Is there anything that really jumps off the page?
Yeah, I mean, if you’re looking at these precious metals, I mean, even though, you know, gold and silver are still in a bearish trend and there’s a lot of ground they got to make up in order to get out above even to a neutral trend, you know, to start getting some legs underneath these markets. And, you know, I think that we need to see some continue buying come in.
And if you’re looking at these markets, even with the selling pressure, gold and silver have held relatively well over some good support pockets. You know, if you’re looking at like 18, 25 to 18 thirties, been a really good pocket for gold and about 2070 to 2080 for silver has also looked really good. Really anything under 21 is looks pretty strong for silver and you know, if you’re looking at crude oil, like you mentioned, crude has seen some selling, but we were on a spectacular run.We are in pretty overbought area. So, you know, as we wrapped up the quarter, the month last week, I think what you saw was people getting out of some positions, looking to reposition across the market. But crude having a nice kind of impressive day today, you know, kind of chewing back up and taking back some of the ground that we were losing.
So I still likes the ground underneath crude. I think there’s still a good fundamental backdrop to the long side.
All right. WTI holding up above that 80 bucks and gold to to your point after a rough couple of weeks there at least hanging on to the year lows. So all right. We got some levels that are still intact maybe good for a little bounce here. At least one session so far. Thanks, Ryan, for the look here at the technicals in the commodity space.
Appreciate Ryan Goldman blue line futures. Let’s get back to some of the fundamentals on the stock front.
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