Gold and silver are ripping pre-market, the dollar is sliding, and my scanner has three long setups worth watching — plus SOFI is getting crushed on catalyst and I want a piece of it short.
Overnight the macro picture got interesting fast. Gold is up 1.74% to $4,641 and silver is up 2.60% to $73.96 — both breaking out hard on a weakening dollar (DXY 98.46, -0.51%) and a 10Y yield that's quietly slipping to 4.402%. Energy is the top sector overnight at +2.29% but crude oil is actually down 1.39% to $105.39, which tells me the energy move is more about nat gas and explorers than crude longs. I'm not chasing crude here. The Fear & Greed sits at 63 (Greed) — not extreme, but elevated enough that I'm not adding aggressively to index positions at the open.
The GDP print for Q1 drops this morning alongside jobless claims and PCE deflator data. That trio can move markets fast. I'm waiting for the 8:30 numbers before sizing into anything index-related. If PCE comes in hotter than expected, that $7,135 level on SPX gets tested hard.
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My gold and silver bullion positions are doing exactly what I bought them to do. I'm holding, not adding at these levels — I want a pullback to $4,500 before I size up again.