Gold, Silver, and BTC are breaking out as March seems to be pointing towards a risk asset rotation! The Russell is also in positive territory, outperforming its benchmark peers despite slightly higher treasury yields.
Transcript
Good afternoon traders. It’s Chris Chavez with blue line futures and it’s your daily, midday market minute. We have gold and digital gold Bitcoin Aetherium breaking out here today. But before we get to it, if you’re watching this video, like and subscribe if you’re on our website, there’s a link to direct you to YouTube, and you can subscribe that way we would love for you to follow us, we would love for you to help us build our following. Yeah, so looking at markets here today, there’s not a lot of economic data that really came out to influence treasury yields. The tenure is slightly positive here today, not really seeing a huge shift in interest rate cut expectations in June, and July. But what we are seeing is a little bit of a continued rotation, beginning in March right now into precious metals, and digital gold Bitcoin Aetherium. Since the launch of the spot, Bitcoin ETFs, we’ve seen a massive amount of inflows into these ETFs which is encouraging the price of Bitcoin to continue to rally and the ETFs as well. So when looking at the markets here today, we’re actually seeing more inflows into those ETFs and a continuation from Friday’s rally into the precious metals, gold, silver, even platinum in positive territory here today. Now, one thing I want to highlight is that despite this move in yields today yield slightly higher, and despite, you know, precious metals, moving higher, we’re seeing this coupled with a rally in cryptocurrencies to typically it seems like when you see a rally in cryptocurrencies, metals are kind of lagging behind, or, you know, even in negative territory, and today, they’re both, you know, moving higher, of course, Bitcoin and Aetherium, outperforming gold and silver, but nonetheless, still nice to see these metals, you know, off to the races and gold is really pushing higher, you know, above 20 115, right before I shot this, you know, video here. So there’s some key levels that we want to break down. You know, and I do think that one reason why you’re seeing the metals rallying is you know, from continuation of last week’s weaker than expected consumer sentiment numbers as well as construction spending. This week’s jobs numbers are going to be pivotal for the precious metals, macro risk assets as a whole. So paying attention to that’s definitely going to be key when looking at the Russell today the Russell is actually the big outperformer amongst equity indices, also pretty encouraging to see despite yields being in slightly positive territory. And the Russell is on the verge of a breakout the previous high as 2097 Really we want to break and close above 2095 on the Russell so if we can get above there, close above there, I definitely think that the Russell can continue to break above this 52 week high that it’s set. Tomorrow factory orders, s&p Global Services isn non manufacturing PMI, ifsm employment and isn prices, there’s a lot of data coming out tomorrow to pay attention to so definitely going to influence risk assets. And we’ll continue to watch things and see how they shape out. I do think when looking at the precious metals specifically if gold can break and close above 2114 and a 10 to 2118 we can then push up to 2130 which is the next level to test after that if we you know break and close above 2130 You know, it’s really psychological numbers 2150 2175 2200 These big round numbers are typically where people like to step into the markets and place you know a lot of almost block trades if you will and purchase at these whole numbers. So those are going to be some key levels to pay attention to. I think with the momentum here certainly that we’re seeing it does look like you know the metals can continue to go higher. I think Silver’s offering a lot of a catch up trade here as well as Silver’s approaching positive on the year gold as well above that now. So definitely some important things to keep an eye on for the for the technicals and overhead levels to pay attention to for the s&p three star resistance 5146 and three quarters 251 47 and three quarters looking at the NASDAQ a three star resistance level is going to remain that 18 366 level and crude three star level again, crude slightly negative territory here today but we can break and close above 8169 to 8180 look a bit more encouraging for prices to move higher. If you have any questions reach out to our trade desk we’re here for you. Remember futures trading involves substantial risk of loss is not suitable for all investors.