The week ahead is proving to be an interesting and volatile one for the metals. With gold being driven down below the $1400 level, a sell-off to the $1380 area is likely. While silver is putting up a valiant fight at $24.14 — having recovered from an access-market dump to $23.10 — a trade down to $23.50 is in the cards.
Auto-sales are on Wednesday; if they miss I would suggest a rally good for a quick 1% trade at least. Thursday is the day to watch this week with all of the employment data hitting the wire by 8:30 am eastern. Worse than expected jobless claims has recently lead to rallies in silver and gold, so let’s see if our boys at the BLBS can pull a rabbit out of a hat. Expect some magic.
Also take note that there are forces at work attempting to counter-act the buy commodities theme which mostly coincides with developing geopolitical conflicts. Should be a wild week!