Overnight, the precious metals are lower after yesterday’s increased volatility. 

What I am watching today

• The U.S. Dollar is in a tight range (200 DMA=103.71 & 104.66= 50 DMA)
• April Canadian CPI
  • Is it above or below 2.9%
    • Why is this important? Canada is the #1 trading partner of the United States ($356.5 billion)
  • Fed Comments all-day
    • (Barkin, Williams, Waller, Bostic)
      • Q: Does it matter? I won’t get political, but I believe the Federal Reserve cuts, regardless of inflation data.

Metals (What to watch)

• Volatility – How do you measure?
  • ATR = Average True Range
    • Gold = $33
    • Silver = $1.04
    • Copper = 18 Cents
    • Crude = $1.50
    • S&P 500 = 35
• Risk Management – Remember to raise stops on June Gold
  •  
    • First Notice Date May 31 – so be sure to exit before then

S&P 500 – The trend is up, but is it over-extended? 

**Call for today’s day trading idea**`

Critical Levels of Support 5305 & 5290

Upside resistance after testing support 5329

Crude – Bulls/Bears continue to battle

• Zone $78.00-$80.00
  • Saudi Arabia’s production declines is offset by an increase in exports
    • Saudi Arabia is becoming more efficient
    • Burning off excess inventory creates a tighter L-T Picture

Examples of trade ideas we are watching

• Correction in Platinum
  • $1030 support, $1100 resistance
    • 1100-1150 call spread for August $700 risk $2500 max profit less what you pay.

Other Ideas – Wheat – Chicago & KC touching limit-up at one point 

• Strongest performance since last July
  • Weather all-around had been dry, from Australia to Russia
  • Check out the Grain Express, written by Oliver

Sugar – Short Covering: is it a Buy?

Connect with Phil: https://bluelinefutures.com/2023-signup/?utm_source=Phil-Streible-Barchart 

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