Could Be A Crazy Day
As traders return from theMemorial Day holiday, markets are under pressure. On Monday with the marketsopen electronically, equities were higher, while metals and energy were underpressure. Today equities are getting hammered and gold has rallied back tounchanged.
This holiday-shortened week couldpack a big punch in all markets, with the equities testing support, energybreaking down, bonds spiking higher and the dollar testing 95. Through it all,the metals have appeared to find some stability and are holding up nicely. Noteven the runaway dollar has been able to dampen the metals the last couple ofdays.
Markets should remain on edgethis week with the jobs number on Friday; however, gold and silver appear tohave put in bottoms and should rally higher. Gold should test the $1,330 leveland silver $16.80 to $ 17.00. Gold should hold $1,300 and silver $16.30. Wewould look to buy at those levels.
Keep those stops tight.
Contributing tokitco.com
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Bubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.