By: Chintan Karnani, Insignia Consultants - 14 May, 2020
The mirage of quick growth vanished and realty bite came after Federal Reserve chairman Powell dashed hopes an early US economic recovery. He also struck down any chances of negative interest rates. Gold rose as a result. There was short covering in gold as well. At the moment gold looks headed for $1760. Silver will follow the trend of industrial metals. Overall sharp correction in silver will give bargain hunters to re-enter silver. Copper and crude oil are in a neutral zone. Full Story
Despite the horrific jobs report, it was another day where JPMorgan et al. kept all four precious metals on a short leash, as no rally attempt in any of them was allowed to get far before the showed up a the usual short sellers of last resort. And with such low volumes, it wasn't difficult for them to accomplish that task.
As I mentioned in my COT commentary further up, Ted said that the current structure is "locked and loaded" for a big move higher in both silver and gold. But as to when that day will come that JPMorgan decides to stand aside...no one knows. Full Story
Unemployment data is not representative of the true situation. Gold's Bollinger upper band, on the monthly chart, is a resistance like a fence -- $1731 area. Weekly gold chart $26 from a record close. Is it a pennant?
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