Gold rallied back up into the very stiff resistance between 1350 and 1360. It is apparent on the chart.
Silver is still meh. It will get some jets on a breakout, being the high beta monster that it is, but it seems incapable of taking the spotlight from gold. It is not so much a safe haven play, which is what seems to be driving gold in the short term.
Typically we see shenanigans on the Non-Farm Payrolls Report. Stocks have finished positive on the last 10 occasions. Is there a message in this for gold?
I am preferring to watch the charts here. Predicting the short term movements in markets dominated by a few large players who are operating in secrecy with high leverage is not particularly rewarding, except in the fevered imaginations of the punters and their latest toys for predicting market moves.
It is a little funny to see they grab some system or prognosticator as their new messiah, and then discard them once again as they prove to have feet of clay. Such is life as a school of probability.
March is typically not a seasonally good month for the precious metals, and as an inactive month on Comex unlikely to provoke any supply concerns. There was no bullion movement in or out of the warehouses yesterday.
The masters of the universe are flying high. How high, and how close to the sun, is the question.
Have a pleasant evening.
