Gold/Silver: Today's PCE Data To Drive The Next Direction

Overnight, the Precious Metals are weaker but recovering after yesterday's selloff. Silver, for instance, briefly dipped below $31 before recovering 50 cents from the lows. Yesterday, the pressure was found in Silver and Copper, where Copper saw a 5% washout over the past two trading days. Gold held its own on a weaker GDP, an uptick in initial claims, and weaker pending home sales. Today's PCE data, the Fed's preferred inflation gauge, is of significant importance. Being aware of this key market indicator will help traders stay informed and prepared for the market's next move. Despite volatility over the past two weeks, performance data for the month still measures Silver as the second best-performing commodity in May, up 17.92%, Platinum up 9%, Gold up 1.6%, and Copper up 1.3%.

S&P Levels

Traders will want to keep an eye on the two-day breakout in the Vix
Resistance 5290-5300 (A close above 5300 is needed to reignite the bulls)
First Support = 5250-5245
Second Support 5210 (Critical long-term Support)

Copper - Back to Neutral Trend

A Close above $4.87 is needed to bring the bulls back into the Market
Pocket Support remains from $4.57-$4.49 (50 DMA)

Gold (August)

Correcting below the 50-DMA (2349)
The Chart pattern suggests consolidative, coiling action

Silver - Susceptible to a correction

Critical Support is the May 24th low $30.23
The Market will need a close above $32.55 to attract another wave of FOMO buying.

For more detailed levels of Support and Resistance, please refer to the: Morning Express

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