Round Number Resistance

Our PMs had a fine day today. To think that they could rally so much yesterday and not only hang on but gain today is quite impressive. They both did seem to run out of steam as they approached the round numbers of 1440 and 35. Lets watch these levels closely if they are approached again overnight or tomorrow as a second failure at those levels may be enough to inspire an attack out of the EE.

IF some selling materializes...and I'm not saying it will...the silver chart looks to have a pretty well defined buying zone on it, first near 34.40 and then near 34. Take a look:

To me, that's pretty clear. Any dip down near or slightly below 34 would be a great point to BTFD.
In gold, the picture isn't quite as clear. We are, however, currently in a strong UPtrend. Should we encounter some selling. I'd be looking to buy under 1435 and then 1430.

Finally, to say I'm excited by crude would be heartless and unfair. Many in the Middle East are suffering and many average, everyday Americans are soon going to feel the squeeze of increased cost-push inflation. However, the crude chart yesterday did clearly suggest that a breakout move higher was coming. Lo and behold, looky here:

Anything can happen in crude going forward. The downside risk is high in the short term because the market would sell off significantly if The Colonel was ousted without destroying his country's infrastructure. The potential upside is enormous, however, as the entire region is on edge. Calls on futures or ETFs offer the biggest bang for your buck while limiting your risk to your initial purchase amount. If you can ethically handle the fact that you're hoping for death and destruction, it might be a very profitable trade.

As I publish this, the metals are giving back gains on the Globex so we'll see what the remainder of the afternoon holds. I'll be here watching with you and will update if necessary. TF