RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Gold and precious metals may have gotten slammed off a “shift” in Fed language. A willingness to talk about talking about rate hikes. The Fed won’t be able to control inflation, and inflation will be persistent. Not transitory. We have never seen anything like what has happened to the global economy over the past twelve months. The huge increase in money supply. The rate of savings. The reopening of the economy. The pent-up demand.

I believe that it’s usually a level on the chart that turns a market around. It looks to me like gold has found a value range around $1,775. On the downside, $1,760 needs to hold or we will likely see a test of $1,740. On the way up, gold needs a close above $1,800 then a good pop above $1,820 to get back on the uptrend.

Platinum back above $1,100 is a positive, but we need to see a close up there today.

Gold Aug ’21 Daily Chart
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Frank J. Cholly

Senior Market Strategist
Frank is a swap registered trader who brings his clients more than twenty-six years of commodity futures experience. He was a member at the Chicago Board of Trade for 10 years where he filled orders in the grain and financial pits. Frank was also a Lind-Waldock's floor manager for ten years and later joined on as a commodities broker.
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