Gold and Silver Trading Before Federal Reserve Meeting | Metals Edge | Blue Line Futures | 5.3.22

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Phillip Streible, Chief Market Strategist of Blue Line Futures presents Metals Edge:

Key Takeaways:
-Fed Meeting is tomorrow, May 4, 2022, with all eyes on how hawkish the tone will be.

-The US Dollar and Gold are negatively correlated. A pullback in the $ is welcomed to give Gold some bullish legs.

-Platinum has broke to the upside on improving US factory orders. $1010 lines up with the 200DMA, which is a good level to take off longs.

-Silver continues to follow weakness in copper.

-Grain markets are coming back to constructive levels. CME micro contracts are a great way to build a position!

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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