Unless Gold goes below $2,320, the momentum on the downside wouldn‘t though develop

S&P 500 attracted buy the dippers early in the US session, only for the larger factors at play to bring it back down – the reversal following 20y Treasury auction (as if 4.82% was anything to cheer, but the bond market provided a reprieve nonetheless) fizzled out before the day was over. The European bounce didn‘t reach any technically important levels before reversing, so I wonder whether a better shorting opportunity appears during the US session today (and by better I mean a high confidence one) – even one contradictory to hot Philly Fed manufacturing data.

Saturday‘s bearish analysis, its conclusions, remain in force.

I hope you liked yesterday‘s one of its kind article – have a fine day ahead!

Let‘s move right into the charts – today‘s full scale article contains 3 more of them, with commentaries.

Crude Oil

First tentative moves at bouncing, then undershoot of $81, is likely in the days ahead in oil, and oil stocks wouldn‘t be spared. Its upswings proved looking suspect and little more than short-term reactions to Mideast war drums.

The rush into gold on safe haven demand was much weaker than Saturday‘s PAXG spike would suggest, and that hints at most easiest gold gains on the long side being already in, and a period of relative consolidation starting – and that would involve occassional selloffs. Unless gold goes below $2,320, the momentum on the downside wouldn‘t though develop. Silver is to be more resilient, just as copper.