“Tariffs or no tariffs” – that is the question.
Perhaps a modern-day Shakespeare would include a line like this in a new literature piece based on 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.
There’s only one market where something meaningful happened – and it was still rather subtle. I’m talking about silver.
Namely, silver moved higher, and the important thing about that move is that it wasn’t enough to keep silver above the declining support line.
This time, the breakdown held (silver stayed below the line with a small, quick exception), and the odds of seeing a short-term decline increased based on that.
Interestingly, copper is lower today even though the fundamental news (a chance of reversing the tariffs) is positive for it. This suggests that the buying power is drying up or it has already dried up.
So, that’s it for today – there’s not much going on except for silver’s breakdown. We already saw it yesterday, but given that it held despite the move higher in gold, it makes it more meaningful.
The points that I made yesterday 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