Gold looks weak short term. Silver looks worse currently, with a set up for antoher short squeeze coming. Bonds are pointing to a potential low in yields on a monthly chart. The monthly matters. Abbreviated report today- Soren K
Gold
- OI continues to shrink as the market stays above 1301- BULLish
- the mkt is higher today than it was OI was at this level last time- BULLish
- Pure technicals are bearish short term: The downside objectives for this formation range from 1305.90 to 1287.40 with a close over 1331.39 needed tonegate a bear trading stance.
- Mkt is at ledge of brexit rally and may test the 1301 area today given it is lower with increased terrorist activity globally
Bonds
Mkt is showing a new low in yields on the monthly chart without a new low in RSI. This indicates a potential "non-confirmation" and is indicative of a bottom in yields if chart remains as so. This analysis courtesy of @bondskew on twitter, who we recommend following for bond analysis and sharp humor. We feel this is a very reliable setup on monthlies if it holds.
Be Careful
Soren K
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