TRANSCRIPT Good morning. It’s Wednesday, October 11th, about 6 a.m. Central Time. Overnight, the precious metals are mixed after yesterday’s choppy session. You have gold up $12 at 1888. Silver up $0.28 at 22. 23. Copper is unchanged at 3.63 and platinum down four at 886. Platinum is really struggled to get above the $900 level. So if you are long that metal, you might want to consider reducing that position between the eight detainees in the $900 level and then waiting for a breakthrough through 900.
To see if there’s any follow through buying to the upside before reestablishing that position. Now, news overnight at least two anti-tank missiles were fired from Lebanon, mostly Hezbollah, into Israel, which is a new a new development into this particular conflict here. So the safe haven assets are getting bid. That’s why I believe you have gold, silver up the dollar index slightly weaker.
U.S. equities are a bit muted right here. They’re sitting at the top end of the range from yesterday. A lot of people are putting on put options in the S&P 500 yesterday. I think that’s a really smart move. Whether or not you’re bullish or bearish on the market, I think it’s a bit of cheap insurance they have out there.
They were targeting the DS 4350 puts. Now, looking at some other news coming out, we do have the Fed minutes at 1 p.m.. We also have three Fed members speaking later today. There is a bit of inflation data as well at 730, so you’re going to see it would see if the market responds to any kind of upside inflation surprise or does if you don’t see any kind of impact if it comes out slightly hotter.
In precious metals, we’re able to shrug off any kind of heated up economic data. As far as that front, Then you know that the safe haven trade is there and you know that speculators are now flooding into those safe haven assets like gold and silver and getting out of some of the risk assets. So the dynamics of the market might change a bit.
If you don’t recall, over the last few few weeks, we’ve seen massive ETF outflows out of gold and silver. It was like no one wanted it whatsoever. They were going after Treasury yields at that 5% rate and a lot of short term CDs, 13 month T-bills, things like that. So the current trend still bearish on gold and silver, 1926 50 is your trend reversal point.
We’re getting closer, at least in striking distance. The resistance points right now in gold right here about 1886, then 1896 and 1907. And you go on the support side, it’s 1865, 1856 and 1848. So anywhere in those 1850s should be good support. We don’t want to see a close below there because chances are there’s going to be a washout.
So if you need a stop loss position, look into that gap there. If we do close that gap, you’re most likely want to want to exit any kind of recent line that you’ve had. Now, on the silver side, real interesting, the support levels are 22, 33, 22, 66 and 2299. I haven’t seen that one before. The trend reversal point 2345 Then your supports are 21, 72, 2144 and 2116.
So looking at the outside markets there, but they’re mixed right now. You’ve got crude oil down $0.30, 8566. The US equities are a bit firmer, Treasury yields are coming off 4.55 down nine basis points. It’s a pretty big move in a ten year Treasury. And then finally you do have the dollar index up about four anchored right around 105 60.
The trend reversal point, which takes it from bullish to neutral on the dollar, is about 105 25. So it’s got a little bit lower to go before it gets to that neutral trend. Yet. Eight questions. Give me a call 31285873. All three Remember futures and options trading does involve risk of loss. Bring up suitable time investors. Good luck and good trading. END TRANSCRIPT