from TF Metals Report:
With the holiday yesterday, I figured that today would be either Happy or Terrible. I sure didn’t expect this snoozer.
Even though the U.S. economic data was lousy today, the metals seem stuck in neutral. Oh well. Actually, it’s kind of nice, for once. A nice, bland and boring day…so far. However, I’ll be watching for that same, evil Globex algo to rear it’s ugly head at around 1:00 EST. Let’s see if gold then drifts lower into the close and loses another $6-8 between 1:30 and 4:00.
Here are some charts as you start your week. First up, here are the hourly finviz charts. Note that since the miserable, contrived beatdown of 1/3-1/4, both metals have moved up nicely, contained within broad, upward-sloping channels.