Various ‘war trades’ spiked and some are reversing in pre-market. Palladium and gold did the spike and reversal while nickel is doing what wheat did last week, limiting up.
From NFTRH 696, part 4:
Insofar as current TA and sentiment trends remain intact, we’re looking for gold to 2000+, silver to 30+/- and HUI to 325.
Gold ticked 2007 before reversing.
Silver did not do much (hit a high of 26.37 vs. potential S/T target of 30) before reversing and gold’s reversal does not bode great for HUI to get to 325 just yet.
A main point to consider is that angst-driven hype and related asset moves could be entering a topping phase, whether there is more upside in store or not. With the likes of wheat and nickel going parabolic, crude oil gaining massive headlines and unsustainable moves happening in various key assets, I believe we are in the ending stages of something. That does not mean today, necessarily. It does not mean this week. But it is not sustainable, from a sentiment standpoint or from a standpoint of the pressure built up.
The ‘Great Reset, Central Bank digital currency, one world government, Putin being used by Neocons as a dupe’ stuff is out there too. Everybody is on high alert that something is up. Whether it is Putin is evil or Putin is a useful and unwitting idiot. People with tin hats are finding fertile ground for whatever theories they may already have been subscribing to. Asset markets are playing ball, both to the upside and downside, as applicable.
I on the other hand have no clue. I make no judgements about the lunatic left or the paranoid right. I manage the markets. I have no ‘in’ to the real deal; to what is really happening. But I do know market signals when I see them and I think something is reaching its maturing stages.