Today's trend of interest is that the dollar traced gold's move on spot. Silver, after yesterday's route, went for the ride as well. Oil almost sold off, and did momentarily, but crept back in line with the aforementioned assets (for better, or worse, in the case of the dollar, considering its historical relationship with oil).
This move is quite a gesture for things to come. Whichever the stronger fiat between the dollar and the euro always follows gold, so this may mean that the dollar is about to be the better of the two. This would make sense, considering the move has already started. Let us see if the EUR/USD makes a run at $1.38.
If this happens, oil and silver will likely pullback to their support, but gold should stay above its support level, if only barely. Platinum continues to be the weakest of the sisters Trinity, so it will test support too. As far as US equities, the long trend would say they will pullback.
This has been the Summer Trend I have outlined. A pullback may be in store in equities for the next month.
A pullback?LOL
ReplyDeleteHow bout a PULL UP.
when you say a pullback on silver and gold keeping support level could you give some aprox. numbers please. GSR right now is 42, do you see it go up to 50 maybe?, you said next month, you mean silver and oil will correct even more by August?, Thanks Mr. lennon
ReplyDeleteAnon, please read my May article "Washing Dow 12K" to see the range of US equities.
ReplyDeleteSilver's support is just under $34. Gold's is $1495.
ReplyDeleteI think that mid to late August will see precious metals and oil rise past their recent nominal highs, and I think by winter they will have about doubled.
"I think by winter they will have about doubled. "
ReplyDelete$3,000 GOLD BY YR END??
CMON.Get real dude.