Metals drop on peace talk headlines
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Peace talks are being positioned as the reason for the drop in metals this morning. From a technical perspective, should the $1,915 - $1,925 level act as resistance, the probability is that the $1,875 level will be tested.
Platinum is an example of what may occur, having lost the $1,000 mark, which turned into resistance. The metal trades at $970 this morning.
Investors looking to add to positions in physical metals and speculators looking for a swing trade may soon have the opportunity to buy into heavily oversold conditions should the above-described scenario manifest in gold.
Stocks, on the other hand, continue their ascent, with US index futures pointing to a greater than 0.5% open. However, more significant resistance may be coming up. As an example, this trader would anticipate a grind in Nasdaq futures somewhere between its current level and 15,275 before a buyable dip. Of course, FOMO to all-time highs could take indices up in a straight line at this point...
Thanks and have a nice day,