Tactical Macro Trading Ranges📈
It’s a brisk Wednesday, November 1st, about 46 degrees at 6 a.m. down here in Florida. So overnight, precious metals, they are weaker after yesterday’s month than selling. So it got December gold down $3.19 91. Some silver down $0.20, 20 to 75. These copper on chains, 365 and January platinum down 15 at 930. So that’s a big sell off right there.
So a lot of people come out and they say that they missed that move in in the precious metals. And what I do generally on a month and basis as I’ll look month to date where were these metals at some point to date gold up 6.84%, platinum up 3.1%, silver up 2.3%, Copper down 2.27%. So that was the month of October.
So if you think you missed that, you got to zoom out a bit. You got to look at the year to date. So year to date, gold’s only up 3.94%, which means it was basically down 3% in October for it to reverse higher. Platinum is down year to date, 15.29%, silver down 7.74%, and copper down 5.96%. So a lot of the people say that they missed that.
On the silver market, it’s down 7.74% on the year. So, you know, the only thing that you missed here was maybe catching a bottom. But prices are continuing to have some pressure on them on the market. So there’s a lot coming out here today and there’s a lot of things to be watching. So I’m watching the dollar strength.
I’m watching that gold had stalled at Friday’s highs. I am looking at reports that indicate that expectations for central bank buying are expected to contract the global demand for gold is supposed to also contract as well. This is coming into the end of the year. The wild cards obviously are some economic data coming out today in the flight to quality with the efforts that are going on in the Middle East.
So today we have ADP. We also have is PMI data. You got the FOMC, No one is expecting a rate hike, but the press conference is where people are going to be grabbing on to is Jerome Powell laying the path for another rate going forward? You also have this Treasury refunding, refunding where you know they’re going to be buying a series of different duration and Treasury, you know, length.
So that number alone, everybody’s been talking about that one for about the last two weeks. So that could be even more the most volatile event that most retail investors don’t even know about. So you look at the current technicals on these precious metals here. So obviously gold still bullish trend. The resistance point is $2,000 were trade 1991 as of this recording resistance to that’s going to be your Friday high and your yesterday’s fakeout highs so right around 2020 you want to see that market recapture that in order to extend higher your first level support.
It’s going to be 1983 below. That’s 1950 1936. So 1983 is a 200 day moving average. 1936 is the 50 day moving average. The trend reversal point is 1923. We go to 1923. We’re probably going to start trading in this 1952 1880 range. So it’ll go a neutral trend until it figures out some new news narrative to drive it in a direction one or the other.
You look at Silver never really broke out to that bullish trend. It needed to get over 2340 on a closing basis. You’ve got the 50 day moving average at 2316 and your first your major resistance going to be the 200 day moving average 2387. Your trend reversal point on the downside to take it back to a bearish trend is 2212.
You don’t want to see that market trading 2276 here last. So the outside markets are mixed. You got U.S. equities. They had a two day great rally. Right? Right. Mark. And it right up into the month. And so and if you look at the technicals and this sell off all the way since like the July high it’s been a rain you know, rainfall effect and then it bounces up a few days and then it makes lower, high, lower lows.
So, you know, this is that bounce up and it looks like if nothing changes, we could be making a lower low. So you do have the US dollar up 18 ticks. I’ll be watching that crude oil up buck now up a buck. 38, 20 to 40. So that’s pushing on up here this morning. That’s been in a trading range as well.
And then Treasury yields up three basis points at 489 and the ten year for 81 to 5%. That’s been that trading range as well. So a lot of things out there, if you get any questions going to be volatile day. So a lot of head fakes I’m expected give me a call 312858733. Remember futures option trading involves risk loss may not be suitable to investors.
Good luck and good trading.