The markets are ending the month without a bang. Barely making any noise at all. Only silver’s sign becomes louder each hour.
I mean silver’s breakdown and the fact that with each hour when silver is trading below its rising support line, the breakdown is becoming more and more verified.
We already saw a move back to this line and then back down, so the breakdown was verified in this way. The time factor is still in play. Ideally, we’d like to see silver close below this line for three consecutive trading days, and we haven’t seen that.
With each hour, though, we are getting closer to seeing the second kind of verification.
This, in turn, is making the outlook more bearish with each passing hour.
And… That’s it as far as new developments are concerned. Every other market (at least the ones important from our point of view) are pretty much waiting. Bears look at bulls, bulls look at bears, and nothing happens.
There are no-news news coming from the “real world” as well.
Trump met with Powell, telling him it was a mistake not to lower rates. Absolutely nothing is new about this.
On the tariff front we have the following – quoting Yahoo!Finance:
“The U.S. Court of International Trade ruled on Wednesday that U.S. President Donald Trump had overstepped his authority with his tariff agenda, and had given the president 10 days to reverse course.
Trump appealed the decision almost immediately, and the appeals court responded late Thursday, leaving his tariff agenda in place as it considers his appeal.”
Markets shrugged.
It seems that it’s just like I wrote in yesterday’s opening paragraphs”
“Tariffs or no tariffs” – that is the question.
Perhaps a modern-day Shakespear would include a line like this in a new literature piece based on the current events. The federal trade court blocked some of Trump’s tariffs – perhaps canceling the “Liberation Day” news. Perhaps, because the ruling will be appealed and it’s unclear how it’s all going to end. But the markets don’t seem to care that much as the direction toward protectionism was already established.”
The points that I made on Wednesday remain fully up-to-date, so if you haven’t had the chance to read that analysis so far, I encourage you to do so today.
Thank you for reading my today’s analysis – I appreciate that you took the time to dig deeper and that you read the entire piece. If you'd like to access my complete premium analysis, including specific technical price targets and comprehensive portfolio insights, consider subscribing to my Gold Trading Alerts or – if you want the best – our Diamond Package. If you’re not ready to subscribe yet, I invite you to stay updated with our free analyses - sign up for our free gold newsletter now.
Thank you.
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief