Gold and Silver this week are keying off U.S. Dollar weakness and Treasury strength. All were performing in such a direction ahead of Bloomberg’s reporting of President Biden’s plan to hike capital gains taxes, but the news has undoubtedly proven to be a tailwind so far. The move has helped bid Treasuries, and now the precious metals are acting as the safe-haven. Furthermore, this underpins the potential U.S. Dollar outflows for tax reasons and brings a tailwind to the theory that the worst global pandemic fears already factored in. Regardless of all these possible narratives, the reprieve in rates has been the most significant supportive factor in recent weeks. If you would like to be up to date on the developments of our specific strategies in the futures and commodities markets, please register for a Free two-week trial by clicking on the link here: The Blue Line Express Two-Week Free Trial Sign up.
Technicals: Gold and Silver are off to a strong start this session and look to close out a strong week. Each is teetering on the edge of really beginning to repair the February and March damage. Pullbacks yesterday responded to crucial first support levels, and today’s reb