Some headlines that we’re monitoring and the precious metals markets overnight.
Good morning. It’s Wednesday, October 25th, about 6 a.m. Central Time. Overnight, the precious metals are weaker after yesterday’s insider trading day. December gold down $3.19 82. Silver, Silver down $0.16 to 95. Some were copper down one at 361 and January, platinum unchanged at 892. Some headlines that we’re monitoring and the precious metals markets overnight. Chinese authorities took a series of action to boost their economy as well as a pickup in small trading activity that’ll typically tie into the copper market.
So want to monitor that chart pattern and see if it is forming and carving out a bottom. We’ll also want to monitor the flow of funds is the latest round of speculators seem to have jumped ship out of the gold market and are piling into bitcoin in anticipation of an ETF launch. It’s obvious that gold futures have rallied about $175 since the onset of this Middle East conflict.
So it was easy for them to come into the market and also exit that market while some want to monitor any kind of escalation in the Middle East, as well as dollar strength and U.S. Treasury yields strength. Now some headlines to watch here today. We do have more earnings scheduled to be released. We have new home sales and then also we have Jerome Powell.
He’ll deliver some brief remarks at an event later on today. The current trend in some critical levels that we’re monitoring in gold and silver, gold is in a bullish trend right now. We’re trading right at that 1983 1984 mark that does correspond with the 200 day moving average. So it seems to be a bull bear line. But I really do think you need a sustained breakout over to the 2000 level in order to attract more speculators into the market.
Now, some critical levels of support, close in support, I think is the 1950 level and below. That would be 1928, which is the 50 day moving average. And your trend reversal point at 1896, looking at the silver market, that trend is neutral. It never really got to the bullish trend breakout here that most of the trend following systems would would take on as a signal.
You want to look at where we’re trading at right now, 2293 small resistance at $23 the 50 day moving average above that 2319, the 200 day moving average well above that at 2392 you’re close and support is going to be down at 22, 50 and 2211. Now, the outside markets, they are a bit weaker here with U.S. equities mixed.
You got the US dollar of 19 at 106 27. Crude oil is down $0.27, 8350 and Treasury yields up are up two at 46. Getting questions on futures options trading. Give me a call 3128587303. Remember, futures and options trading does involve risk loss may not be suitable to investors. Good luck from good trading.