FOR FRIDAY: (4/28) Markets are in holding pattern waiting on budget. Late wranglings are politics as usual with fights over Obamacare and Puerto Rico which should go bankrupt next week. We may not get a resolution until Friday night and the markets could be in limbo and then explode. Feeling like a secondary high for stocks on Friday and then weakness next week. We did look at cycles for next week and the dollar should top out on Monday and be lower next week and vice-versa for gold and silver. T-notes look higher also next week.
JUNE MINI GOLD
SWING TRADING RECOMMENDATION: Sell June mini gold at 1273.50 with a 1287 stop.
TODAY’S COMMENTS: (4/28) Cycle lows dominate into Monday but then the market seems higher for a few weeks into at least May 10-12. If gold can quickly fall to 1250-1, then we can feel good about buying for a few weeks. Still, ideal sell zone is closer to 1273-4.
OVERALL: The issue is of course war cycles this week but that does not always translate into higher gold prices. If you like gold, consider SGOL in the ETF sector. We may buy on Monday.
CYCLES OVERVIEW: Generally lower into Friday/Sunday/Monday; generally higher into May 10.
