S&P 500 gave a few Monday, but the range was relatively narrow, and financials need a few days more to rise. The fact though that XLK, SOXX, XLY and XLC all rose, with some XLI while USD went up, is noteworthy, outweighing XLF basing.Key day of the week is approaching, and as you‘ll see from the below free precious metals and silver analysis, it‘ll be more about what Powell does in recognizing rising inflation 2024 meeting slowing down real economy and peculiar job market, than the extent of CPI surprise itself that I‘ve addressed on the weekend already (within the oil analysis). Gold, Silver and Miners(Click on image to enlarge)
Yesterday‘s low volume rebound didn‘t solve anything – my level of spot silver $29.75 wasn‘t broken through no matter how many times the buyers tried. The fact that miners were more resilient, isn‘t a savior either. See the below silver 4hr chart – nothing has changed, and support being broken before CPI by some 20c minumum, looks likely.(Click on image to enlarge)
June really isn‘t the best month for silver, yet its current correction of prior three great months, isn‘t raising red flags. Shakedown to $26-27 would, but given that I see gold bottom emerging between $2,260s and $2280s, that breakout retest target would be off. Maybe $28.80 spot silver would be all there is – depending on Powell choosing the economy or inflation.More By This Author:
Economy Or Inflation Choice
