It is commonly said among the trading community that the month of May going into Summer is slow for the market. This week we could be experiencing just that. Everything seemed to be in the red especially during the last hour of trading. What can be most surprising is gold and silver. It is common sense to think the stimulus money will cause inflation so gold and silver should increase right? Unfortunately, it’s not that easy. Gold and silver had their big run ups about a month ago, and are experiencing some cool down. However, they are more volatile than ever providing good short term trading. Right now gold is seeing support around $1680-$1690 an ounce, silver is hovering at around $15.50 per ounce. Expect big moves from them if the rest of the market makes a big move, be cautious and watch closely.
-TJ Brescia
The Common Trader 