Good morning. It’s Monday, November 20, by 6 a.m. Central Time. Overnight, the precious metals are mixed. You’ve got December gold down $9.19 75, some silver down $0.35, 2349, some copper up to at 376 and January. Platinum up three at 905. So I’m really disappointed in the precious metals overnight. The dollar index has hit its lowest level since August.
Perhaps the markets are waiting for tomorrow’s FOMC minutes release, where they’ll give some of the details of the last meeting where they left rates unchanged. Hopefully, we have some dissenters coming in and more people are in favor of leaving rates alone at this moment to see what happens in the in the markets. So looking at the CME Fed watch tool, there’s a 30% chance that the federal cut rates at the March meeting.
So that might be the tide that turns in this market and starts to bring precious metals to higher levels. Now, looking at the current trends in the market, looking at gold, it is still bullish. It’s been bullish since that massive breakout that we saw back in October, about October 15th was really when the thrust went up and then we continued from there.
But since then, we’ve failed to make new highs at the 2020 level. We dip back down to the 50 day moving average around 1941. That’s still your key level of support right now. Looking at the resistance points, we’ve come back below the 200 day moving average. We’ll see if that acts as a headwind going forward. So your key levels of resistance, the 200 day moving average, 1981, 42,000 and then obviously 2020 looking at silver.
Unfortunately, silver is trading in that same similar chart pattern of the gold market right now. We pushed up back over $24 and since then we’ve settled back today, failing at the 200 day moving average. So 2378, that’s going to be your key level of resistance now rather than support and your key level sports going to be $23 and 20 to 86, which is the 50 day moving average below that.
Your trend reversal point 20 to 40. Don’t want to see a trade blow there. Now, looking at the outside markets, you’ve got crude oil after that massive sell off last week, huge reversal Friday and then also some follow through support today. Up another dollar, a dollar 30 at 77 $35 index again down 30 basis points. And then also looking at your ten year note here, up four at 484.
So the other outside markets are mixed. You’ve got the the equity markets slightly higher. It is a bit of a quieter week here today. We don’t have a lot of economic data releases coming out. Perhaps on Wednesday. You’ve got durable goods, get some EIA data. But other than that, it’s a shortened week with Thanksgiving and it’s a shortened session on Friday.
So I’ll be traveling back to Chicago. I’m going to be working in the Chicago office here the remainder of the week, so I’ll try and get these videos out to you guys just as normal. So you got any questions? Give me a call. 3128587303. Number futures options trading vultures galore spring up suitable to investors. Good luck, good trading.
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