Overnight, precious metals are stabilizing, after Friday’s bloodbath.

On Friday, the pressure from the stronger-than-expected PMI data caused a 4% sell-off in Silver, a 3% sell-off in Copper, and a 1.5% sell-off in Gold. In anticipation of this, many of you were able to reduce exposure on Thursday (how many times did I give you the warning), which allowed you to add exposure near the lows on Friday afternoon.

Despite the PMI uptick, the Global macroeconomic environment shows signs of weakening. I firmly believe that the Fed will make two cuts (in September and December), solidifying a bottom in many markets.

What to watch this week

• Consumer confidence is expected to be 100.2
  • (May 28, 102 vs 96 Exp) result May 28 – Gold up $27 (beige book release as well as other fed speakers)
• GDP
• Jobless claims (5 straight weeks of higher data) – If we see another aggressive uptick (5k or more), 10-year treasuries should see a break, leading to higher Gold prices.
• PCE – Fed’s preferred method of gaging inflation
  • Gas Prices – Will go through a seasonal adjustment
    • Shelter (higher)
    • Services, Goods, and discretionary spending (lower)

We expect PCE to continue progressing towards the Fed’s 2.0% target.

• We will also monitor the Presidential Debate
  • The most aspects I’ll be watching as a commodities broker
    • U.S. China relations
      • Specifically, Trump and tariffs
        • Corporate impact (Tesla/Apple)
        • Commodities Impact
          • Semiconductors, Agriculture, Solar
        • U.S. Energy independence
          • Iran relations?

This morning, we will add Gold, Silver, Copper, Bitcoin, and Sugar.

Silver we are going to target another call spread.

Gold – Support $2300, First resistance $2370 (50 DMA), we must see a close above $2392 to reignite the bulls

Silver – Support 50 DMA at $29.29 with critical support $28.28 and only a close over $31.19 brings back a new wave of buyers.

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