have faith
market vibes
April 29…)
In the news
An interesting slate of data this morning: Retail sales at 8:30, a number that will have increasing importance as the tariffs begin to emerge on the shelves. Followed by housing trends from S&P's high-level data and JOLTS (ADP tomorrow) and consumer confidence, again foreshadowing very early tariff development.
In the markets
COMEX June gold is still oscillating around the $3340 POC. Nothing to be gleaned from exchange data other than there is nothing to be gleaned, which is important in itself.
I am leaning towards the market grinding reluctantly lower based on the severe isolated high and high-volume reversal-down at the ATH of $3509. Persistent development under the POC rather than above it is negative as well.
Tomorrow is month-end, and the longer time frame charts remain on trend and appear mostly undamaged if this range above $3270 reamins unbroken.
The POC has actually moved up $5 since last week because rallies have lifted the most actively traded price. The recent low is $3270 in the 10-day sample, and there is a single print between $3263 and $3270, which could imply a failed auction if we break the $3270 low, hold $3260ish, and rip back to $3340/$3345.
The best trade is to be a bear and sell above the POC. Or be a bull and buy that single print at $3265. Quick stops and a good shot as serious money either way. IMMHO…
More precious metals analysis with some charts on silver and platinum, a check up on oil grinding gradually lower, S&Ps and some doubts about our gold in thevibe… here we go.
