Precious Metals Snapped Back overnight on softer-than-expected CPI in China, while platinum, palladium, and copper were flat after G.M. trims its E.V. sales forecast and the E.U. announced tariffs up to 30% on Chinese E.V. vehicles.

We have two key economic data points that can spike volatility today, so traders should prepare for a long day. Consumer Prices for May and the consensus is for little changes to the headline and core, leaving inflation still too high for the Fed to make any adjustments. Economists predict a 0.1% increase in headline CPI and a 0.3% increase in core for May.

This afternoon, the Fed will confirm the inflation data, and traders will shift their focus to the dot plot, a key indicator of the Fed’s future actions. We will be closely observing to see if we should expect one or two cuts this year, which could significantly impact the market.

With the increased levels of volatility expected, support and resistance levels could easily be violated as ranges may prove to be larger than normal. Surprisingly, the July Vix remains at 14, so we will keep an eye on its price action.

The critical level in the S&P will be 5300 and should act as a bull/bear line.

Gold – Support $2300

Resistance $2373

Second Resistance 2400-2413

Silver – Support $29.14 Resistance $30

Connect with Phil: https://bluelinefutures.com/2023-signup/?utm_source=Phil-Streible- 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.


On the date of publication, Phillip Streible did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.

Tags: