Gold Daily and Silver Weekly Charts - April Fools' Day

The Non-Farm Payrolls Report this morning was a mixed bag, with enough different kinds of data to provide material for both the hawks and the doves.

The dollar initially rose and stocks dumped, in sympathy with global stocks overnight action, especially the emerging markets.

But at some point Wall Street decided it was all good, and the word went from desk to desk that 'the Fed's got our backs, come what may. So don't ask why, just buy!'

And so US stocks climbed for the rest of the day on slow but steady buying, and after initially being slammed hard lower, gold recovered, as did silver, which managed to hold on to the 15 handle.

Speaking of handles, gold is now doing what I wanted to see in terms of setting a proper handle for the potential 'cup and handle' formation.

Look carefully at the gold chart below, and the way in which the price is moving within the longer term trends.   I do not know what is going to happen, but it certain helps to have a well-marked road map.

Stocks are jammed up into some more substantial overhead resistance, and with earnings season coming up, the Fed will have to provide more support than smarmy whispers of easy money for financial assets, and let the real economy fend for itself.

And when this latest bubble, third of this cycle, collapses like the rest, more substantial edifices to greed may fall than just some personal fortunes and pensions.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Wall St: 'The Fed Has Our Backs'

US equities initially sold off on this morning's Jobs Report, but then reversed as Wall Street looked at the landscape and decided that come hell or high water for the real economies of the world, the Fed has our back.

The major indices are now at their 2016 highs.  

And they are now at major overhead resistance.

The Fed needs to provide something more substantial to keep this one going.

Have a pleasant weekend.

Gold Daily and Silver Weekly Charts - You Ain't Seen Nothing Yet

"Full fathom five thy father lies,
Of his bones are coral made,
Those are pearls that were his eyes,
Nothing of him that doth fade,
But doth suffer a sea-change,
into something rich and strange."

William Shakespeare, The Tempest

Let's see how we do through the Non-Farm Payrolls Report tomorrow.

Like most of the really big, substantial changes, this one continues on, moving slowly, lulling almost everyone into a false sense of continuity. And then the sea-change comes.

According to Bloomberg, even with this sluggish March trading, this was the 'best quarter for gold in 30 years.'

We live in a time of great trend changes, in finance, in politics, and power.

You ain't seen nothing yet.

Have a pleasant evening.