1/13/2025
Gold and silver slide on dimmed rate cut hopes and strong dollar
OUTSIDE MARKET DEVELOPMENTS: Friday's payrolls beat further eroded Fed rate cut expectations for 2025 amid rising concerns about revived inflation. Fed funds futures now suggest the Fed is on hold through May. June is close to a 50/50 proposition.
Late last week the U.S. and UK announced harsh new sanctions directed at Russia's energy industry. Oil prices have surged to four-month highs above $81. Natural gas prices reached two-year highs last week, just as the northern hemisphere enters the heart of winter.
Worries that the policies of the incoming Trump administration will further stoke inflation persist. Trump has pledged sweeping tariffs that could launch a global trade war.
Key U.S. inflation data are out this week. Median expectations for December PPI (tomorrow) are +0.4%. Expectations for CPI (Wednesday) are +0.3%. The annualized rate for both are likely to rise. Import and export prices will be released on Thursday.
The 10-year yield remains well bid just below 5%. Elevated long yields are contributing to the uptrend in the dollar. The dollar index has traded with a 110 handle for the first time since Nov'22.
The PBoC has announced new measures to defend the yuan as the Chinese currency approached record lows ahead of Trump's inauguration. The central bank is also pivoting toward providing support for Chinese consumers in an effort to ward off disinflation and boost growth.
California is bracing for another day of high winds and heightened fire danger. The death toll from the LA fires has reached 24.
Today's economic calendar has just the December Treasury Budget. The market is expecting a deficit of -$30 bln.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CST: -$13.46 (-0.50%)
5-Day Change: +$27.11 (+1.03%)
YTD Range: $2,607.16 - $2,697.10
52-Week Range: $1,986.16 - $2,789.68
Weighted Alpha: +27.60
Gold has dipped back into the lower half of the $2,789.68/$2,541.42 range after last week's gains faltered just shy of the $2,700 level. The yellow metal is being weighed by dimmed Fed rate cut expectations, strong yields, and new two-year highs in the dollar. Ongoing political uncertainty and geopolitical risks are likely to limit the downside.
Umicore suggests Trump's tariff threats prompted the trade to ship physical gold to the U.S. in December to cover short positions here. "This led to a liquidity shortage, higher EFP and therefore extremely high leasing rates on the market in London and Zurich," according to Umicore's daily report.
This further explains gold's resilience in the face of yield and dollar strength into year-end 2024. Ongoing central bank demand is another significant supportive factor.
Global ETFs saw 6 tonnes of inflows in the week ended 10-Jan. It was the first net inflow in three weeks with buying by North American and European investors exceeding the 3.9 tonnes of outflows from Asia.
The CFTC reported that net speculative long positions in gold futures edged lower by 0.3k to 247.3k contracts in the 06-Jan week, versus 247.6k in the previous week. It was the third straight weekly decline in spec long positioning.
CFTC Gold speculative net positions
Minor chart support at $2,656.10 (9-Jan low) has contained the downside thus far. The 20-, 50-, and 100-day moving averages are converging modestly lower near the 7-Jan low at $2,633.26. Last week's low at $2,621.42 looks to be pretty well protected at this point.
On the upside, Friday's high at $2,697.10 now provides a good intervening barrier ahead of the December high at $2,723.70. The latter is the key to unlocking a challenge of the all-time high at $2,789.68. An eventual upside breakout of the range remains favored.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CST: -$0.54 (-1.78%)
5-Day Change: -$0.318 (-1.06%)
YTD Range: $28.946 - $30.590
52-Week Range: $21.945 - $34.853
Weighted Alpha: +22.43
Silver was unable to sustain last week's gains above $30 after upticks stalled ahead of the 50-day moving average. When the 50-day dropped below the 100-day last week, it was a troubling technical signal for the bull camp.
Today's plunge back below the 200-day moving average suggests further vulnerability. More than 50% of the rally off the $28.802/$28.783 double-bottom has already been reatraced. The 61.8% retracement level of that rally comes in at $29.473 and corresponds closely with last week's low at $29.442.
The CFTC's COT report for the 6-Jan week showed that net long positioning fell 2.3k to 37.9k contracts, versus 40.2k in the previous week. It was the fourth consecutive weekly decline.
CFTC Silver speculative net positions
I continue to believe that $31 must be regained to set a more neutral tone within the range. More importantly, silver needs to recapture the 32-handle to reinvigorate the bull camp. Both of those levels now appear well protected with Friday's high at $30.59 marking intervening resistance.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
1/10/2025
Gold and silver poised for solid weekly gains, despite higher yields and a strong dollar
I'm on the road at the FUN Show in Orlando, so today's commentary will be brief.
OUTSIDE MARKET DEVELOPMENTS: U.S. nonfarm payrolls bested expectations by more than 100k jobs. Labor market strength intensifies concerns of revived inflation and bolsters expectations that the Fed will be much less aggressive with rate cuts in 2025.
Nonfarm payrolls rose 256k in December, above expectations of +150k, versus a revised +212k in November (was +227k). The unemployment rate ticked down to 4.1% on expectations for a steady reading of 4.2%.
Hourly earnings rose 0.3%, in line with expectations, versus +0.4% in November. The average workweek was steady at 34.3 hours.
Markets are increasingly convinced that the Fed is on hold through H1 with a 25 bps cut now not fully priced in until September. Prospects for a March hold rose to 70.1% this morning, versus 56.2% yesterday and 30.3% a month ago.
Shifting Fed expectations have kept long yields elevated near the 2023 cycle highs. The 10-year yield reached a 15-month high just shy of 5%.
The strong yield environment is underpinning the greenback. The dollar index surged to new 26-month highs, just shy of 110. I see potential to reach the 111.53 Fibonacci level next.
The preliminary Michigan sentiment reading for January comes out later this morning. Median expectations at 74.0, unchanged from December.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$10.94 (+0.41%)
5-Day Change: +$37.38 (+1.42%)
YTD Range: $2,607.16 - $2,682.77
52-Week Range: $1,986.16 - $2,789.68
Weighted Alpha: +28.17
Gold initially sold off on the NFP beat, weighed by dimming rate cut expectations for H1, strong yields, and a strong dollar. However, political and geopolitical uncertainties continue to overwhelm the headwinds. 
The yellow metal not only recovered all the post-NFP losses but went on to set new four-week highs. Gold is on track for its second straight weekly gain and the largest in seven.
The upper boundary of the symmetrical triangle pattern is under attack at $2,685.50. A convincing breach of this level and $2,691.13 high (13-Dec) would establish a measuring objective at $2,933.76. Store that away for now, as gold remains well-contained within the $2,789.68/$2,541.42 range.
Tests above $2,700 will meet solid chart resistance defined by the 12-Dec high at $2,723.70. Above that, the all-time high at $2,789.68 would be back in play.
Today's post-NFP low at $2,671.27 reinforced the overseas low at $2,669.46. I had been watching the 50-day moving average this week as an important support on a close basis. That indicator is now considered fairly well protected with an additional tier of support noted at $2,656.10 (9-Jan low).
Silver rebounded from early losses triggered by stronger-than-expected jobs growth in December, which elevated yields and the dollar. The white metal jumped to fresh three-week highs and appears on track for an eighth straight higher close, and the second consecutive higher weekly close.
The 50- ($30.635) and 100-day ($30.827) moving averages remain intact at this point, keeping chart resistance at $31.00/088 at bay. The trendline off the October peak at $34.853 comes in at $30.664.
I believe the $32 level must be regained to fully reengage the bull camp. Given the developing overbought condition and ongoing uncertainty about the industrial demand prospects for silver, such a move is likely to prove difficult in the short-term.
However, the performance of silver has exceeded my expectations this week. Perhaps there is a growing belief that Chinese stimulus measures are going to finally provide the desired boost to the world's second-largest economy.
The fact that the 20-day moving average fell below the 200-day this week remains a troubling technical feature. A retreat below $30 from here would leave Monday's low at $29.442 vulnerable to a retest. Below the latter, the $28.802/783 lows would be back in play.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
1/9/2025
Gold higher for a third day on haven interest. Silver up for a seventh session on technical buying.
Today's submission will be brief as I'm on the road. If you're at the FUN Show in Orlando, text me at the number below, and let's meet up.
OUTSIDE MARKET DEVELOPMENTS: Political uncertainty and geopolitical risks continue to foster risk-off sentiment. The market is looking ahead to tomorrow's U.S. jobs report in hopes of further clarification of the Fed's likely policy path this year.
President-elect Trump is reportedly considering declaring a national economic emergency once he's inaugurated. Such a move would give him the power to deploy the sweeping tariffs that were a hallmark of his campaign.
Not surprisingly, declaring an "economic emergency" - even if it's just a matter of political expediency - is contributing to risk aversion. There are concerns that the Trump tariffs will launch a global trade war and stoke inflation.
The minutes from the December FOMC meeting revealed that the Fed is concerned that Trump's policies may hinder their fight against inflation. Participants of the meeting "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated."
FedSpeak is due from Harker, Barkin, Schmid, and Bowman today.
Challenger Layoffs plunged 33% to 38.8k in December from 57.7k in November. “Companies underwent extraordinary change in 2024 due to rapid technological advancement and shifting economic conditions. Most employers are anticipating additional uncertainty with the upcoming administration, which is leading to slower hiring and more layoffs in the short term from various sectors,” said Andrew Challenger, workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$8.44 (+0.32%)
5-Day Change: +$19.82 (+0.75%)
YTD Range: $2,607.16 - $2,677.26
52-Week Range: $1,986.16 - $2,789.68
Weighted Alpha: +28.15
Gold has added to gains after breaking into the upper half of the $2,789.68/$2,541.42 range on Wednesday. The yellow metal is trading higher for a third straight session and reached a four-week high of $2,677.35 before coming under modest intraday selling pressure.
Scope is seen for short-term tests above $2,700, but rising yields and a strong dollar continue to be headwinds. The $2,691.13 high (13-Dec) corresponds closely with the upper boundary of the symmetrical triangle pattern and provides an intervening barrier.
More substantial chart resistance is marked by the 12-Dec high at $2,723.70. A breach of this level would unlock a challenge of the all-time high at $2,789.68.
In a sign of improved investor appetite, the World Gold Council reported that global gold ETFs saw net annual inflows in 2024. "In a year in which the gold price reached new all-time highs 40 times, global investor appetite for gold ETFs finally turned around, booking the first annual inflow in four years," said the WGC.
On the downside, I continue to watch the 50-day moving average at $2,649.91 on a close basis. Today's intraday low at $2,656.10 provides intervening support.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$0.224 (+0.74%)
5-Day Change: +$0.887 (+3.00%)
YTD Range: $28.946 - $30.450
52-Week Range: $21.945 - $34.853
Weighted Alpha: +25.27
Silver continues to build on gains since the double-bottom at $28.802/$28.783. was confirmed last week with the breach of resistance at $29.885. A higher close today appears likely, which would be the seventh in a row.
The fact that the 50-day moving average has fallen below the 100-day is troubling for the bulls, but these MAs and a trendline at $30.706/821 may still be a short-term attraction. A push above $31 is needed to set a more neutral tone within the range, while $32 must be regained to reinvigorate the bull camp.
Good support is marked by the convergence of the 20- and 200-day moving averages at $29.922/921 and yesterday's low at $29.879. Today's intraday low at $30.037 offers an intervening barrier.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
1/8/2025
Gold and silver are better within their ranges on heightened risk aversion and dovish FedSpeak
OUTSIDE MARKET DEVELOPMENTS: Increasingly bellicose rhetoric from President-elect Trump is contributing to heightened risk aversion. While it's sometimes difficult to judge whether Trump is being bombastic or truly threatening, his comments have set markets on edge.
At a Mar-a-Lago press conference on Tuesday, Trump was asked if he could assure the public that he would not use the military against Greenland or Panama. “No, I can’t assure you on either of those two, but I can say this, we need them for economic security,” Trump responded.
When asked about recent gibes about making Canada the 51st state, he said military force was not on the table, only "economic force." Canada is in some political turmoil following Justin Trudeau's resignation and proroguing of Parliament until late March.
FedSpeak from Governor Christopher Waller this morning tempered recent hawkishness somewhat. Waller – one of the more ardent hawks on the Board of Governors – acknowledged that the decline in inflation has stalled above the 2% target, but favors more rate cuts in 2025. "The pace of those cuts will depend on how much progress we make on inflation, while keeping the labor market from weakening," Waller said.
The Fed is widely expected to hold steady on rates at the upcoming January FOMC meeting. Fed funds futures are leaning toward a hold in March as well, although prospects for a 25 bps cut edged higher today to 39.7% versus 36.1% yesterday. Today's release of the minutes from the December FOMC meeting will hopefully reveal additional cues as to the likely policy path.
Despite Waller's somewhat dovish comments and some mixed labor market data, yields at the long end of the curve remain elevated near cycle highs. Helped by favorable interest rate differentials and some haven interest, the dollar index has moved to new highs for the week and is back within striking distance of last week's more than two-year high at 109.53.
MBA Mortgage Applications fell 3.7% in the 3-Jan week, versus -12.6% in the previous week. It was the fourth consecutive weekly decline as the 30-year mortgage rate rose to a 26-week high of 6.99%.
ADP Employment Survey saw private sector jobs rise 122k in December, below expectations of 138k, versus 146k in November. The soft print implies some risk for an NFP undershoot on Friday.
Initial Jobless Claims fell 10k to a 45-week low of 201k in the week ended 4-Jan, below expectations of 220k, versus 211k in the previous weeks. Continuing jobless claims rose to 1,867k in the 28-Dec week versus a downward revised 1,834k in the previous week.
Wholesale Sales rose 0.6% in November, above expectations of +0.3%, versus a negative revised -0.3% in October. Wholesale inventories fell 0.2%, versus a negative revised unch in October.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$3.14 (+0.12%)
5-Day Change: +$50.09 (+1.92%)
YTD Range: $2,607.16 - $2,664.53
52-Week Range: $1,986.16 - $2,789.68
Weighted Alpha: +26.74
Gold rose to four-week highs, spurred by risk-off sentiment and modestly dovish FedSpeak from Waller. The yellow metal has moved into the upper half of the $2,789.68/$2,541.42 range since mid-December.
With gold back above all the major moving averages, scope is now seen for probes above $2,700. The $2,691.13 high (13-Dec) corresponds closely with the upper boundary of the symmetrical triangle pattern and provides an intervening barrier.
Penetration of this level would target $2,723.70 (12-Dec high) initially, which must be cleared to set up a retest of the record high at $2,789.68. New all-time highs would lend credence to a measuring objective around $2936, with potential to the previously established $3,000 target.
On the downside, I'm watching the 50-day moving average at $2,651.97 on a close basis. A pivot point at $2,648.18 and the intraday low at $2,645.74 bolster this support zone.
Silver is holding on to gains above $30 after reaching a three-week high of $30.347 on Tuesday. The white metal is being helped by today's strength in gold, but a firm dollar, rising trade tensions, and persistent uncertainty about China's growth prospects limit the upside.
The $30.347 level marks an intervening barrier ahead of the 50- and 100-day moving averages which are at $30.788 and $30.812. A push above $31 is needed to set a more neutral tone within the range, while $32 must be regained to reinvigorate the bull camp.
A close below the 200-day MA at $29.900 would leave Monday's low at $29.442 vulnerable to a retest. Below the latter, the $28.802/783 lows would be back in play.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
1/7/2025
Gold continues to coil within its range, while silver struggles above $30
OUTSIDE MARKET DEVELOPMENTS: Markets still seem to be giving some credence to yesterday's WaPo article that suggested President-elect Trump would take a more measured approach to trade and tariffs, despite Trump himself dismissing the story as "fake news." These hopes have bolstered the currencies of some U.S. trading partners and weighed on the greenback.
The dollar index has backed off the more than two-year high set last week at 109.53, but these losses are seen as corrective. The downside in the dollar is limited with U.S. yields at the long end of the curve approaching their cycle highs.
The generally favorable interest rate environment in the U.S. will continue to attract capital flows, providing support for the dollar. The comparatively robust economy has major U.S. stock indexes near record highs and will continue to be an attraction for overseas capital as well.
Today's U.S. job openings and services ISM data reinforce the notion that the U.S. economy remains on a good growth trajectory, but inflation has not been completely tamed. The Fed is expected to hold steady on rates at the January FOMC meeting and prospects for a March hold are on the rise.
The Canadian Parliament is in prorogue (suspense) until 24-Mar following yesterday's resignation of Justin Trudeau. While Trudeau dodges a confidence vote, it effectively leaves Canada with a lame-duck PM and no Parliament just as Trump's second presidency is about to begin.
With potentially crippling tariffs looming, Canada is without leadership to try and mitigate the damage. I suspect Trump will be disinclined to negotiate with Trudeau given the current circumstances.
The Liberal Party and the Social Democrats are going to have to distance themselves from Trudeau in the weeks ahead and try and rebrand themselves to avoid a lambasting in the October national election. That seems like a tall order, setting the stage for Conservative Party leader Pierre Poilievre to become PM this fall.
Today's visit by Donald Trump Jr. to Greenland is an interesting storyline. At a minimum, it feels like President-elect Trump is trying to pull Greenland away from Denmark and Europe and into the U.S. sphere of influence. Greenland has huge untapped reserves of natural resources, including oil, natural gas, strategic metals, and precious metals that any number of countries view as desirable.
Trade Balance widened to $78.2 bln in November on expectations of $78.1 bln, versus a revised $73.6 bln in October. The surge in imports is likely attributable to frontloading ahead of Trump's tariffs and may have an adverse impact on Q4 GDP.
Services ISM rose two points to 54.1 in December, above expectations of 53.0, versus 52.1 in November. It was the sixth consecutive month of expansion. Prices paid surged 6.2 points to a ten-month high of 64.4.
JOLTS Job Openings jumped 259k to a six-month high of 8,089k in November, above expectations of 7,740k, versus an upward revised 7,839k in October. There are 1.1 job openings for each job seeker, indicative of a robust labor market.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$12.61 (+0.48%)
5-Day Change: +$54.98 (+2.11%)
YTD Range: $2,607.16 - $2,664.53
52-Week Range: $1,986.16 - $2,789.68
Weighted Alpha: +27.10
Gold approached last week's high in overseas trading, but subsequently retreated on strong U.S. data that further dimmed Q1 rate cut prospects. The yellow metal continues to coil within the well-defined $2,789.68/$2,541.42 range with firmness in yields and the dollar limiting the upside.
Ongoing political and geopolitical uncertainty remain supportive factors. News that global central banks bought a net 53 tonnes of gold in November provides additional encouragement to the bull camp.
"The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate," suggested the World Gold Council.
Poland was the largest buyer, adding 21 tonnes to reserves. The data confirmed that China is back in the market after a six-month hiatus. The PBoC added 5 tonnes to its holdings.
The COT report for the week ended 6-Jan revealed a modest 0.3k dip in net speculative long positions from 247.6k contracts in the previous week to 247.3k. While minimal it was the third straight week of contraction in spec long positioning.
I continue to watch the 50-day moving average ($2,653.54) on the upside and the 100-day ($2,626.35) on the downside. More important resistance is clearly defined by $2,664.53/65.55, where last week's high corresponds closely with the midpoint of the range.
A move into the upper half of the range would bode well for fresh tests above $2,700. Such a move would constitute an upside breakout of the symmetrical triangle pattern, but chart resistance at $2,723.70 (12-Dec high) must also be cleared to put gold back on track for new record highs above $2,789.68.
The next target would be the $2936 zone based on a measuring objective. However, the $3,000 psychological barrier remains a valid target as well.
A close back below the 100-day MA would set a weaker tone within the range, highlighting $2,607.16 initially. Below that, recent lows at $2,597.53 and $2,585.51 would be vulnerable to tests.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CST: +$0.282 (+0.94%)
5-Day Change: +$1.340 (+4.63%)
YTD Range: $28.946 - $30.316
52-Week Range: $21.945 - $34.853
Weighted Alpha: +24.39
Silver edged to a three-week high in early U.S. trading before strong yields and a rebound in the dollar sparked intraday selling interest. The white metal is having some difficulty sustaining gains above the 20-day moving average, despite yesterday's confirmation of the small double-bottom at $28.802/$28.783.
Encouraging U.S. economic data are at a minimum limiting the downside potential of silver. However, growth risks elsewhere in the world and the threat of heightened trade tensions pose a headwind.
Chinese policymakers have repeatedly pledged fiscal and monetary stimulus. Just last week China said it would increase funding via ultra-long treasuries to spark the economy. However, investors remain hesitant.
A short-term close above the 20-day MA ($30.085) would bode well for an upside extension to challenge the convergence of the 50- and 100-day MAs just below $31. I still think it will take gains back above $32 to revive the bull camp's confidence.
The COT report for last week showed that net speculative long positions fell 2.3k to 37.9k contracts, versus 40.2k in the previous week. It was the fourth straight weekly decline.
A close below the 200-day MA at $29.874 and a subsequent breach of a pivot point at $29.899 would leave Monday's low at $29.442 vulnerable to a retest. Below the latter, the $28.802/783 lows would be back in play.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
