Gold/Silver Neutralizing FridayGold (August) / Silver (September)
Gold, yesterday’s close: Settled at 2344.4, up 13.2
Silver, yesterday’s close: Settled at 29.525, down 0.089
Gold and Silver futures are again on their backfoot. Despite a firm tape overnight, comments from Fed Governor Bowman that it is not time to cut rates, even pointing to the possibility of hikes in the case of persistent inflation quickly eroded the positivity. It is important to understand that Bowman is the most hawkish voice at the Fed and no stranger to outlier comments. We now look to CB Consumer Confidence data at 9:00 am CT.
Today marks the expiration of July options for both Gold and Silver, and this could bring a wonky tape through midday. For now, strong resistance has developed into the latter part of Friday’s bludgeoning, bringing major three-star resistance at 2348.7 in Gold and 30.07-30.12 in Silver; we must see move out above here in each in order to even start the path to neutralizing Friday’s tape.
Bias: Neutral/Bullish
Resistance: 2348.7***, 2355.3-2358.8***
Pivot: 2341
Support: 2329.5-2331.2**, 2318-2320.2***, 2304.2-2310.9***
Silver (Sept)
Resistance: 30.07-30.12**, 30.19-30.27**, 30.40-30.57***, 31.04-31.15***
Pivot: 29.90
Support: 29.69-29.79**, 29.30-29.38***, 29.03-29.05****
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