Gold and Silver Week Ahead

News, Data, Some Light Reading

1. Data

2. Metals Tactical Observation

3. Some Preparation Reading

1- Data: Heavy Data Week

• CPI —Wednesday

• PPI, FOMC minutes— Thursday

• Big Bank earnings— Friday

See footnote at bottom for full calendar¹

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2- Metals Tactical Observation

Nothing has changed big picture. In fact it has gotten better given Macron openly admitting the EU needs to get off the dollar.

“Macron emphasized his pet theory of ‘strategic autonomy’ for Europe, presumably led by France, to become a ‘third superpower.’” And “Xi Jinping and the Chinese Communist Party have enthusiastically endorsed” and “constantly refer to it.- Politico

While this is obviously sycophantic behavior towards China, it still matters he is doing it. And it means waht were private conversations about ending USD dominance are becoming increasingly public, and increasingly Western in origin.

Michael Moor’s levels say plenty, but as far as macro opinion, he feels we are close to a bearish correction that only gets worrisome if we break 1993 area. On the upside, 2049.20 likely negates that

Turning to the moment: Two things can be said about Gold headed into the Sunday Session

One: The speculative funds are still buying it and buying it heavily…

The banks are very comfortable getting shorter and the long banks are even sellign their longs out here…

Conclusion: Business as usual. Relentless force meets immovable object. Given what we said about $2050 these past few days. If we were forced to put a trade on (we are *not*) it would be this.

CoT Data covers the yellow rectangle

• Flat here with a bias to sell if short on a hard break below 2016

• Biased bullish if and only if it breaks above $2050

• Essentially trading the range breakout. which is typical of our short term style

Most importantly: becuase it is a gamblers vibe right now, we’d prefer that nothing happened until late in the day Monday. Otherwise it is all coin flipping.

More here.

Gold at $2050: Enter the Gamblers

3- Some Bank Reading

• Davy Jones and the Six: ZH will have a cover on this during the week. Always a good read

• JPM’s Annual Energy Report

• DBs week- ahead prep

• Nat West Global Macro