Folks, the metals are entering the euphoria stage in the metals which will likely line up with a blood bath stage in the dollar. These usually last 7-8 days. We are probably on day 2. That said there is no way we will peg the top of this so if you have a different strategy than what we present, by all means let us know. The objective at this point is not to screw this up by putting you into positions late with stops below your entry levels. We will probably be advancing stops daily. The dollar had a failed daily cycle yesterday. The dollar is on week 19 of the intermediate cycle and is in the timing band for an intermediate cycle low. We are likely going to also have a failed intermediate cycle. Given the extreme left translated nature of this IC, it would mean the next intermediate cycle will likely also be left translated. This will be a great environment for all our metals trades. We are late in the intermediate cycle for the metals and silver usually performs better than gold late in the cycle. Silver tends to overshoot gold late which is why we tried to steer you this way. It is worth the excruciating sideways grind we endured a few weeks ago. There is tremendous resistance in silver at the $21.25 level going back 4 years. This could be it a few days but I expect silver will eventually take that level out. As I write this silver is trading above that level so never mind. lol Gold is still the driver even though it is lagging and gold is just getting started. At the rate this is going, gold could be at the all time highs in a week. If this is the case, we could see silver in the $23 area or more. $1923 is the target for gold and the target for when we exit all our metals trades. Platinum is late to the party this time but we see no reason it can't reach the January high at $1046. At this point, we would feel more comfortable adding to platinum positions than anything else. For the most part, most of our traders are well positioned to ride this out the next week. Happy Trading!
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This PageThe Speculation page is used for educational purposes and to talk about our opinion on trades and what is going on in the market. All trade recommendations are made in "The Pit". This is also a blog page where you can ask questions, post your thoughts, or ask for help. Be sure to use an anonymous name. If you have any questions feel free to reach out to us via email. Archives
May 2021
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