With the metals moving so nicely this morning, I figured I'd better give you some levels to watch.
First up, gold looks stronger than mustard gas again as it looks to be ready to tackle the highs from overnight Tuesday. Needless to say, a close through and above 1610 would be a very positive development for next week. Silver is similar. I have a last of 40.17 and, though it may run into some selling between 40.30 and 40.40, looks poised to tackle 41. Keep in mind, Fridays on the Globex have been very good to us lately. The metals have consistently added gains after the close, primarily in response to the release of the weekly CoT numbers. Why should today be any different? Though silver may only creep higher during the Comex hours, do not be surprised if it adds to its gains this afternoon and finishes the week somewhere near the highs of Tuesday. (Disclaimer: Of course, if the Republocrats and O'bottom announce some BS debt ceiling deal, all bets are off for today. As we've seen twice this week, once WOPR takes over, you can throw the fundos and TA out the window.)
Lastly, here's an updated chart of Pigatha. Yesterday's action did some serious damage to the short-term bull position. Again, a declining dollar will almost always help support the PMs.
That's it for now. I hope to have more for you this afternoon. TF
