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The test will be tonight. It is currently sitting quite comfortably above US$30 but the price action tonight will set the tone for the short term. If the bulls take control it could get above US$31 quickly but it could just as easily slide back to US$29ish if the bears run the show this evening.My gut feeling is tonight will be bullish. A lot of weak hands have been shaken out in the last six weeks and sentiment towards previous metals is turning bullish again. With an interest rate cut on the way in the US and a bloated stock market looking riskier by the day precious metals looks like a good place to park some capital right now. Geopolitical tensions remains high with the US and Britain giving Ukraine the green light to strike Russian territory with western long range weapons.
The test will be tonight. It is currently sitting quite comfortably above US$30 but the price action tonight will set the tone for the short term. If the bulls take control it could get above US$31 quickly but it could just as easily slide back to US$29ish if the bears run the show this evening.
My gut feeling is tonight will be bullish. A lot of weak hands have been shaken out in the last six weeks and sentiment towards previous metals is turning bullish again. With an interest rate cut on the way in the US and a bloated stock market looking riskier by the day precious metals looks like a good place to park some capital right now. Geopolitical tensions remains high with the US and Britain giving Ukraine the green light to strike Russian territory with western long range weapons.
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