What to watch! Metals Mintute w/ Phil Streible
TRANSCRIPT Precious metals are firmer after yesterday’s upside breakout. I do you want to note, if you like this type of content, please be sure to help us grow this channel by liking and subscribing. Looking at the gold market, it’s up $7. The 1984 silver is up $0.20 at 2033.
Copper up three at 3.64 and platinum down two at 890. Platinum did cross over the $900 mark in the overnight session, but lacked a follow through upside potential and has had a setback in prices, meaning that the $900 level does act as formidable resistance right now. Now, later today, Wall Street is preparing for the September Consumer Price Index report, where expectations are for further easing in inflation.
Analysts expect 3.6% on an annual basis, while on a monthly basis, 0.3%. Shifting gears, numerous Fed officials have recently spoken over the past few days and suggested they’ll take a more patient approach before further raising interest rates. That’s kind of created this risk on vibe across various markets. Now, looking at the current trend and the key levels that we’re watching in the precious metals, the current trend on gold is still bearish.
The trend reversal point is 1926 50. That coincides with the 50 day moving average, which is at 1925. Further resistance points would be the 200 day moving average in 1981. Looking at intraday support and resistance points, 1919 11 and also 1923 are your key levels of resistance. Let’s see if that gold market can retest that 1900 dollar mark after that CPI release.
Looking at your levels of support, 1880, 1873 and 1866. Shifting gears of the silver market, the current trend is bearish with the trend reversal point at 2344, but a dollar higher from where we’re trading at right now, The 50 day moving average also corresponds with that at 2324 and the 200 day moving average at 2399. Your intra day resistance and support levels are 23, 47, 23, 74 and 2301.
On the resistance side, the support levels are 2194 2168 and 2142. The outside markets are firmer with U.S. equities, with the Dow Jones trading up about 124 points as of this recording. The US dollar is down nine ticks at 105 47. Crude oil futures are up $0.73 at 8422. And the ten year Treasury note dips three basis points at 455.
If you have any questions on futures or option trading, give me a call at 312858733. Be sure to check out a free two week trial at the Morning Express. It’ll give you a detailed breakdown of the fundamentals coming out, as well as some key levels of support and resistance. And remember that futures and options trading, it does involve a significant risk of loss.
It may not be suitable to all investors. Good luck and good trading. END TRANSCRIPT