NFTRH; 2021 Day 3 (a look at the futures)

A look at this morning’s futures with brief thoughts on each.

The US dollar index is down again, to 89.38 with the next support target at 88 +/-. That is a long-term support zone not visible on this daily chart.

USD is what has made the global stock rally tick. Lately gold and silver have been getting back on board the anti-USD trade. The metals went in the other direction in November but that was correcting the excess from July and August.  Consider Au & Ag back to an anti-USD stance.

Gold is taking a thus far normal pullback within its surge above the moving averages. The picture remains bullish.

gold

Silver is pausing to catch its breath after ticking above the top of the 26-27.50 long-term resistance zone. This will be an important test. If it succeeds silver targets new highs. The chart is normal and still bullish.

silver

ES is down a bit but on trend.

NQ is heavier but still intact. I tested out the market on Monday’s drop with a couple/few buys. But I will not be overly patient with them. But for now NQ is completely intact, technically.

nq

Let’s also note that the German DAX is fine, Copper is ticking a new high and the Bitcoin blowoff remains well in force. So speculation and the inflationary reflation narratives are alive and well.