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Metals Can Attract Buyers In Risk Off Situation

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June 19 2020

Hello traders,

Markets are slow and did not change much recently so our view remains mostly the same. I think that resistance on stocks is not far away, but there is a chance that SP500 is going to make another leg up for a three wave advance in B. But the most important I believe, is to track the 10 year US notes; when triangle is finished here, confirmed by a broken trendline resistance and wave D swing high, that's when real risk-off can kick in.

10 Year US notes, 4h


If there is risk that equities can come down, then investors may look for safety in USD and metals. From an EW perspective, I think that metals are in an early stage of a new leg up when looking at gold and silver, where recent price action looks corrective; three leg down on gold to 1704, and also big three leg down on silver to 16.93.

GOLD 4h


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