Gold/Silver: PMI Data Sets The Stage For Today

Metals Minute

/ by BlueLineFutures | Leave a comment

Overnight, Precious Metals are MIXED after yesterday’s breakout rally. Discover insider insights on your favorite Precious Metals, uncover overnight developments, and gain expert analysis on what to watch for every trading day.

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Looking at the precious metal performance in the week

Platinum +3.5
Silver +3.3%
Gold + 1%
Copper Unch

A few observations from yesterday’s trading action

Silver caught a bid out of the gate, and other metals struggled to react until after the initial claims data indicated another uptick, with 238k vs. 235k expected. At the same time, we saw declining manufacturing activity from the Philly Fed Manufacturing index. 

Expectations for multiple interest rate cuts in 2024 continue to grow. 

Today, we will see both the Flash Manufacturing PMI data and the Flash Service PMI. Expectations are for a slight decline from last month’s reading. Traders will want to monitor fluctuations in the Gold market, as last month’s uptick dashed all hopes of an early interest rate cut, and Gold declined $51 in the session. 

Levels to Watch

Gold continues to chew through the June 7th $65 sell-off and has traded back up to the 50 DMA at $2372. The “line in the sand”  for long-term traders stands at $2300. The Bulls will want to see a close over $2397 to spark hopes of another run to all-time highs. 

  • Stochastics continue to show positive momentum, while the average true range has declined to $34/day. 
  • Goldman lifted its year-end price target to $2700/oz, about a 15% increase from here. 
  • On Thursday, Silver rallied an impressive $1.24; a close over $31.20
  • opens the door for a more significant breakout led by momentum traders. 
  • Volatility, as measured by the average true range, sits at $1.02. 

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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