The Amigos check in with their futures charts as follows on this day of market relief sweeping the globe. And I don’t say that derisively or dismissively either (cough cough… “NDX new all-time highs”… cough cough).
The Golden Amigo does not like the widespread cheer and good feeling because he got caught up with the forces of fear and angst coming from the Coronavirus situation after getting caught up with the war drums of the once upon a time US-Iran conflict. I don’t like it when the monetary asset gets bid by fear mongers, cyclical inflationists and others, but what’re ya gonna do?
Look for gold to test the SMA 50, which intersects the 1st support level. Trends are up.
Silver is sitting on its SMA 50 and is fine at this point. As with gold, the trends are up. If it were to lose the SMA 50 we’d plan on a tap of the SMA 200.
Doctor Copper… what can we say about the good doctor? Well, he’s at a support level around 2.50 that had better hold or else he gets sucked down into the air gap. He’s trying to bounce along with other segments of the reflationary global macro.
Here, the weekly chart makes the stark point as usual. Bounce here Doc, or else.
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