The Levels to Watch! 📈 Metals Minute w/ Phil Streible
AUTO TRANSCRIBED
Good morning. It’s Monday, November 27th, about 6 a.m. Central Time. Overnight, the precious metals are higher after Friday’s light volume rally. You have the summer gold up $10 in 2013, Summer silver up $0.47, 2481. March Copper down two at 381 in January. Platinum up four at 941. So three things that I’m watching here in the markets today. One, you have the volatility index at the lowest level since early 2020.
Is that a warning sign? We’re going to have to wait and find out. The Black Friday sales. This spending had reached online $10 billion. And that’s what’s really adding to this optimism and easing those fears of a hard landing. Now, shifting gears, you look at China. Their industrial companies are continuing to struggle. China, on one hand, indicates that it would like to provide stimulus to the market.
But on the other hand, it indicates that it wants to curb excess speculation. I believe that’s why you have March copper down $0.02 overnight. Also, the crude oil market pulling back. At one point down about a dollar 50. Now, some things that I’m watching here today. We do have new home sales that are expected to decline with the higher interest rates and higher inventories really kind of weighing in on new home sales.
So taking it to the charts. You want to look at the gold, the silver market. So we do have that bullish breakout. We’ve got a nice extension upward, especially in the silver market. We saw this this movement higher of you’ve got your flagpole, you’ve got your consolidation, you have a decisive breakout that occurred on Friday and you have that extension upwards here today, which is a really nice, solid chart pattern.
So if you look at the gold market, it has been bullish trend since October 18th at that breakout in 1968 30. Your key level support going to be the psychological level of 2000. And then below that will be the 200 day moving average in 1982 40. And finally, your trend reversal point, which is creeping higher at 1963 60.
Looking at the silver market, it has been bullish trend since November 16th on the breakout at 2393. However, it did continue to struggle and trade back and forth down to that 200 day moving average and then bouncing back up. Your key levels of support here is going to be 2380. That’s your first close in support. However, that’s a dollar higher.
That’s the extension of this breakout. So you do not want to see it retrace that. Below that would be the 50 day moving average at 2294. And finally, 20 to 61. The outside markets are mixed. However, U.S. equities are recovering right now. Looking at the dollar index, it’s down 14 at 103.16, continuing to weaken. Crude oil futures starting to recover, down $0.95, 7459.
And finally, ten year Treasury yields down one basis point at 447 up. You guys have a great Monday. Hope you had a great holiday weekend. If you have any questions, give me a call. 312858733. Remember, futures and options trading does involve risk. Loss may not be suitable to all investors. Good luck and good trading.