Housekeeping: Good Morning.
“Strategy is just tactics on a longer timeline”
Topic:
Silver's Base Held, Now its Ceiling Beckons
Market Analysis:
Technical Comment: Gold, Silver, and Miners
Given recent moves in all metals, and our own vindicated comments on the coming run up in Silver due to the Macro-Discretionary funds discovering it, it was appropriate to consult a recent MSA technical report for further refinement of our own analysis. Long-term momentum for gold remains decisively positive. Despite a minor down month recently, gold is showing no signs of structural weakness. Technical chatter surrounding a potential top has emerged, but lacks empirical support. MSA dismisses the idea that the latest price behavior constitutes anything other than a temporary pause.
Silver: A Base Breaks but a Ceiling Beckons
MSA says expect now to see major upside drama in price—likely widely taking out those ancient dual prior highs on either side of $50. And this next phase, now begun, we bet will do so by year’s end.
-Michael Oliver
Full analysis in Premium: Technical Comment: Gold, Silver, and Miners
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This Weekend:
Final market check
Data on Deck:
MONDAY, JUNE 30 9:45 am Chicago Business Barometer
TUESDAY, JULY 1 9:45 am S&P final U.S. manufacturing PMI
WEDNESDAY, JULY 2 8:15 am ADP employment
THURSDAY, JULY 3 8:30 am U.S. unemployment rate
FRIDAY, JULY 4 None scheduled, July 4 holiday
Full calendar1
Charts and Final Market Check
MONDAY, JUNE 309:45 amChicago Business Barometer (PMI)June43.040.5
TUESDAY, JULY 19:45 amS&P final U.S. manufacturing PMIJune--52.010:00 amConstruction spendingMay-0.1%-0.4%10:00 amJob openingsMay7.3 million7.4 million10:00 amISM manufacturingJune48.648.5%TBAAuto salesJune--15.6 million
WEDNESDAY, JULY 28:15 amADP employmentJune120,00037,000
THURSDAY, JULY 38:30 amInitial jobless claimsJune 28240,000236,0008:30 amU.S. employment reportJune115,000139,0008:30 amU.S. unemployment rateJune4.3%4.2%8:30 amU.S. hourly wagesJune0.3%0.4%8:30 amHourly wages year over year3.9%3.9%8:30 amU.S. trade deficitMay-$61.6B9:45 amS&P final U.S. services PMIJune--53.710:00 amFactory ordersMay8.2%-3.7%10:00 amISM servicesJune50.5%49.9%
FRIDAY, JULY 4None scheduled, July 4 holiday
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