Gold (June) / Silver (July)
Gold, last week’s close: Settled at 2375.0, up 34.7 on Friday and 66.4 on the week
Silver, last week’s close: Settled at 28.506, up 0.141 on Friday and 1.816 on the week
Gold and Silver futures had a tremendous week last week. Still, they finished Friday’s session on a dull note due to the hotter-than-expected 1-year Michigan Inflation Expectations (discussed in more detail in our E-mini S&P / E-mini NQ section). However, some of the soft tape could be attributed to profit-taking amid such a rebound, though we would look for renewed underlying strength today in order to confirm such.
We look at precious and industrial metals broadly in order to gauge our appetite for risk in the metals space and the World Platinum Investment Council noted that Platinum faces its 2nd consecutive annual deficit in 2024, further underpinned by weakening supply (-2%). Although demand is seen dropping by -5% this year, it comes on the heels of a 26% surge in 2023. Platinum is +7% month-to-date but faces a critical resistance area at 1020-1030. A break above here could open the door for a move near 1100.
Early session weakness in both Gold and Silver futures tested into a critical area of support. For Gold, we have key support at 2344-2345.8, but a break below rare major four-star support at 2339.5-2340.3 would neutralize last week’s strength. While price action may have gotten ahead of itself on Gold’s two-day run, we do see more value as it retests this critical area of support, as long as it can hold. As we look to the session ahead, keep in mind that PPI is due tomorrow at 7:30 am CT, and we get comments after from Fed Chair Powell at 9:00 am CT.
Bias: Bullish/Neutral
Resistance: 2359.8**, 2363.1-2367**, 2386.3-2387.7***, 2399.4-2404.3**, 2410.1-2413.8***
Pivot: 2353.9
Support: 2344-2345.8**, 2339.5-2340.3****, 2334.2-2336.6**, 2329-2330.7**, 2316.4-2318***
Silver (July)
Resistance: 28.59-28.61**, 28.71-28.74**, 29.00-29.06**, 29.12-29.26***, 29.37**
Pivot: 28.44-28.50
Support: 28.27-28.32**, 28.17-28.22***, 27.83-27.91***
Sign up for a FREE trial of our daily research: bluelinefutures.com/free-trial/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Gold, last week’s close: Settled at 2375.0, up 34.7 on Friday and 66.4 on the week
Silver, last week’s close: Settled at 28.506, up 0.141 on Friday and 1.816 on the week
Gold and Silver futures had a tremendous week last week. Still, they finished Friday’s session on a dull note due to the hotter-than-expected 1-year Michigan Inflation Expectations (discussed in more detail in our E-mini S&P / E-mini NQ section). However, some of the soft tape could be attributed to profit-taking amid such a rebound, though we would look for renewed underlying strength today in order to confirm such.
We look at precious and industrial metals broadly in order to gauge our appetite for risk in the metals space and the World Platinum Investment Council noted that Platinum faces its 2nd consecutive annual deficit in 2024, further underpinned by weakening supply (-2%). Although demand is seen dropping by -5% this year, it comes on the heels of a 26% surge in 2023. Platinum is +7% month-to-date but faces a critical resistance area at 1020-1030. A break above here could open the door for a move near 1100.
Early session weakness in both Gold and Silver futures tested into a critical area of support. For Gold, we have key support at 2344-2345.8, but a break below rare major four-star support at 2339.5-2340.3 would neutralize last week’s strength. While price action may have gotten ahead of itself on Gold’s two-day run, we do see more value as it retests this critical area of support, as long as it can hold. As we look to the session ahead, keep in mind that PPI is due tomorrow at 7:30 am CT, and we get comments after from Fed Chair Powell at 9:00 am CT.
Bias: Bullish/Neutral
Resistance: 2359.8**, 2363.1-2367**, 2386.3-2387.7***, 2399.4-2404.3**, 2410.1-2413.8***
Pivot: 2353.9
Support: 2344-2345.8**, 2339.5-2340.3****, 2334.2-2336.6**, 2329-2330.7**, 2316.4-2318***
Silver (July)
Resistance: 28.59-28.61**, 28.71-28.74**, 29.00-29.06**, 29.12-29.26***, 29.37**
Pivot: 28.44-28.50
Support: 28.27-28.32**, 28.17-28.22***, 27.83-27.91***
Sign up for a FREE trial of our daily research: bluelinefutures.com/free-trial/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Sign up for a FREE trial of our daily actionable research at bluelinefutures.com/free-trial/