Gotta admit that, so far, this is coming together almost exactly as planned.
June gold today reached a high of exactly 1520.00. I'd say that's pretty close to our 1520 objective.
July silver has a high of 38.82. Not quite the 39 or 39.50 I was hoping for but close enough, that's for sure. From here, if gold can linger between 1515 and 1520 overnight, silver make take one more stab higher and still get above 39. However, whether or not it does is of no consequence. Our objectives from the Cinqo de Bottomo lows have been met. Next, we wait for the pullback. No reason not to think it's coming.
As discussed this morning, we even had a Happy Tuesday. Not a big, dramatic rise but certainly an absence of EE selling. Even when the PMs were rolling over this morning at 9:30, the downside momentum never got cooking...your first sign that the EE was on the sidelines here on CoT survey day.
Just another reason to expect some downward consolidation in the coming days. No doubt The Cartel will be back in the pit, selling their unbacked paper silver, trying to scare out all the dip buyers. Let em! We need to silver in particular to come back some, base and consolidate. IF we can get this to happen over the next 4-5 trading days, we will be set up for another great, money-making run into late June and the first notice day for the July contract.
Here's your hourly gold chart. You can plainly see what I've been looking at as resistance around 1520. You can also plainly see the support gold will find on any dip back toward 1500.
That's it for now. Too much other stuff to do.
The LTs have a "spring concert" tonight so I won't be able to give you another update until much later this evening. Hang in there, relax and have fun. TF