ETF SLV had an undercut & rally off its 200-dma, moving 0.01 under the prior low. Despite Powell suggesting two more rate hikes which would probably keep precious metals in sloppy downtrends, CME FedWatch suggests only one more rate hike. The upcoming PCE report Fri at 830 am EST will affect the number of rate hikes as the PCE is the Fed's preferred measure of inflation. PCE has come off peak the least when compared to the CPI and PPI, suggesting that the stickier components of inflation may remain elevated for longer than expected. Keep stops tight such as at 20.43.
Undercut & Rally - SLV
|Published:||29 Jun 2023 16:19 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.