METALS AND ENERGY UPDATES
Silver gave a buy signal this morning and the least bullish pattern would allow 2450 and then a pullback to 2250. We do expect it to move to 2600 and higher and SLV will move with it. We have a long-term cycle high into early November. Platinum gave the earliest confirmation of a low and we like to trade PPLT, the ETF. Gold is lagging and waiting on Dec. futures to take out 1943. We suspect we will get a chance to buy GLD at 171 if we are patient.
We still like XLE and XOP and USO but we may have a few more days for crude to get to max. 7500 and pull those markets lower. They also have the more bullish potential for mid-September and probably early October when seasonal strength happens.
Also, keep an eye on Bitcoin and GBTC as it is oversold and will at least bounce into mid-September.
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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.