S&P 500 gave a few nice intraday entries on the long side Monday, but the range was relatively narrow, and financials need a few days more to rise. The fact though that XLK, SOXX, XLY and XLC all rose, with some XLI while USD went up, is noteworthy, outweighing XLF basing.
Key day of the week is approaching, and as you‘ll see from the below free precious metals and silver analysis, it‘ll be more about what Powell does in recognizing rising inflation 2024 meeting slowing down real economy and peculiar job market, than the extent of CPI surprise itself that I‘ve addressed on the weekend already (within the oil analysis).
Let‘s move right into the charts – today‘s full scale article contains 4 more of them, with commentaries.
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Gold, Silver and Miners
Yesterday‘s low volume rebound didn‘t solve anything – my level of spot silver $29.75 wasn‘t broken through no matter how many times the buyers tried. The fact that miners were more resilient, isn‘t a savior either. See the below silver 4hr chart – nothing has changed, and support being broken before CPI by some 20c minumum, looks likely.
June really isn‘t the best month for silver, yet its current correction of prior three great months, isn‘t raising red flags. Shakedown to $26-27 would, but given that I see gold bottom emerging between $2,260s and $2280s, that breakout retest target would be off. Maybe $28.80 spot silver would be all there is – depending on Powell choosing the economy or inflation.
All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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