opinion

Metals hold support ahead of PCE data

Kitco Media
By Jonathan Da Silva
Published:
Updated:
Kitco Commentaries
Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

The 4-hour chart of gold below shows an upward-sloping wedge, the top of which corresponds with approximately the $1950 level. Bulls want a breakout to the upside, with some quick follow-through to put $2000 in reach.

Note that stochastic RSI is looking to turn back up while the price (as I type) seems like it's about to put in a small false breakdown just ahead of the 8.30 AM EST release of PCE data. Is gold telling us that the data will show further "disinflation" taking place? In my opinion, based on the existing upward medium trend coupled with the above picture of price turning up at support, I would not be surprised to see bulls push prices toward $1950 by the end of the day today.

On Tuesday, I wrote that I would like to see silver close the week over $23.90 spot this week; the below 2-hour chart shows the picture for bulls; the cursor represents their target.

Thanks, and have a great weekend.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

Mdi Earth Logo

Tags:

Contributed Commentaries
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.