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Metals continue the frustrating grind

Commentaries & Views

Today is trading day number 16 of sideways price action in gold. The sooner bulls get a daily close over $1,935, the better.

Silver was unceremoniously and suddenly sold at the New York open yesterday. Still, it recovered the losses intraday in a display of bullish resilience. Platinum continues to fail at $1,000 resistance; a move lower toward the $935 area may be next, should bulls fail to take the metal back into the four digits soon.

US equity index futures seem to be opening flat today after yesterday’s green candle. The chart below displays a trendline on a 5-hour timeframe that, when broken to the upside, should lead to the continuation of a move higher toward all-time highs. Of course, further grinding in the current congestion area may be required first.

The upcoming FOMC minutes and Fed president speeches maybe provide the catalyst for continuations in current trends.

Thanks and have a nice day

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