Phil Streible with Blue Line Futures discusses Gold, Silver, Copper, Platinum, and other commodity topics.
AUTO-TRANSCRIBED
Good morning. It’s Tuesday, January 2nd, about 6 a.m. Central Time. All right. The precious metals are mixed after this extended break that we’ve had. I want to welcome everyone into 2024 and hope you have a prosperous year. Looking at the U.S. equities after nine straight weeks of gains. They’re starting this new year on a bit of a cautious foot. Now, looking at the overnight session, we were a bit firmer, but as things developed and people started to look at it, some of the recent news that came out over the weekend, I think that’s why we’re on our back foot. You’ve got the dollar index up by half a percent at one, two, 165. You’ve also got crude oil up two and a quarter percent, 7326. That’s up a dollar 60. And then Bitcoin up $4,000. This is the highest level in two years. So and it’s really around this January 10th deadline on the ETF. So there’s a lot of action going in a bunch of different markets here. It’s the Iranian warship that entered the red Sea, which is really what kind of put things on a back foot, gave these markets kind of this nervous entrance into 2024. So with U.S. equities under pressure. Crude oil up flight to safety and the dollar. Also, the precious metals getting a small bit in that market as well. So we’re going to have a little bit lighter data coming out here today. We do have some S&P manufacturing PMI. We also have construction spending. There are no Fed speakers ahead of the December Fed meeting minutes, which come out tomorrow. So, you know, we’re going to be like looking at some later data here. People are going to be really repositioning on where we think things are going. Now, if you look at the precious metals, silver kind of trapped between support and resistance. I outlined that 2493 That’s your critical breakout point. I think if we get above there on a closing basis, I think that it’s going to be game on and the market is going to attack that 26 to 2650 level, some of the highest levels we’ve seen last year. Now, the critical level support, we’re trapped between the 50 day moving average and the 200 day moving average. The 50 days, 23, 96, the 200 day moving average is 2437. Gold futures look a bit more constructive. They’ve been holding a bullish trend here for about a week and a half since being in this sideways consolidation pattern. Now, silver was in the same pattern, but it never, never got to break it out where gold futures at least made this attempt. They failed at 2098. So we’re going to want to keep an eye on that critical level there. Your first major level supports 2026 below. That’s 2013. That’s the 200 day moving average. We do have a golden cross going down with the 50 day moving average is above the 200 day moving average and your trend reversal points can be 2013. So keep an eye on that as your line in the sand. Both these charts are correcting in the stochastic from an overbought territory and they are coming down just a touch here. They haven’t entered back into that neutral stance yet, but they are just kind of holding up here. Now, one other thing I’d like to point out, if you would like to see the results. Remember, we do have a wealth management company. That’s blue line capital. We construct global, globally diversified portfolios for people more as a wealth management, less of a trading vehicle. You want to look at these multiyear operations and see if these type of portfolio fits for you. Shoot me an email at Philip Blue Line Futures. And then the other one that we have here is Blue Creek Capital Management. We’ve got a global opportunities portfolio. It can be leveraged 2 to 1. And then also we do have a metals, it’s a Silver Alpha portfolio and then also an energy portfolio as well. So give me a call if you have any questions on us. Love to get you involved with some of these other products and it really helps diversify people out As far as having U.S. equity exposure, having some managed CTA exposure and then also having a personal futures trading account. So if you get any questions, give me a call. I love to talk to you. 312858733. Remember, futures option trading models Risk loss may not be suitable to all investors. Good luck and good trading.
– Phillip Streible, Chief Market Strategist