Daily Close | Forex, Metals, Oil, Agriculture June 11, 2021

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Agriculture

Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Stress to trees could return if the dry weather continues as is in the forecast. Ideas are that Cotton demand can hold strong after a positive export sales report on Friday. Cotton growing conditions have improved with rains reported in West Texas and the Delta. Cotton demand remains solid although weaker this week.

Currencies

Gold prices fell to their lowest level in over a week, while the dollar hardened, and short-term futures traders began to take profits. Gold was lower on the Dollar cross.

Metals

less The gold miners’ stocks have been drifting sideways to lower in recent weeks, fueling bearish sentiment. That pushes gold stocks higher, gradually shifting sentiment back towards bullish. It’s possible Gold could push up to resistance at $1920 or even $1950, which would align with the miners testing resistance from Q4 2020. We plot Gold below and several different indicators, including the Gold Vix (GVX) and Average True Range (ATR). Gold stocks must be bought when the vast majority of traders are scared because they just suffered major corrections.
In the process it forces gold stocks nearly vertical, leaving them extremely overbought. Gold has not tracked any individual correction closely but has mirrored both averages, which now argue for a bullish consolidation into year-end. That’s certainly evident in our current gold-stock bull, as seen through the lens of the leading GDX VanEck Vectors Gold Miners ETF benchmark. As you can see, Gold has been contained by $1900 while Silver has yet to break above resistance at $28.50.
The vertical lines show points from which Gold made big moves. August-dated gold dipped $16.80 cents, or 0.9%, to settle at $1,879.60 an ounce for the day, with a 0.7% drop for the week. less Gold endured a 20% correction over eight months. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. They won’t until this young gold-stock upleg rallies long enough and high enough to command more attention.
But this young gold-stock upleg is very much alive and well, with lots of room to run yet. Below we plot GDXJ, GDX, Gold, and Silver. Gold-stock sentiment today remains far from exuberance. Back then it was a frenzied gold-stocks-to-the-moon mentality, which is typical when uplegs go terminal. Silver eventually followed.

Oil

July-dated crude added 62 cents, or 0.9%, to settle at $70.91 per barrel, with an almost 1.9% rise for the week.

United States

There s little such unity in the U.S.Further Politics Reading: The media is focusing on the GOP s inflation rhetoric because it feels normal. The Nasdaq also settled slightly higher, and both indexes notched weekly wins. Tech stocks saw a resurgence today, while to a three-month low, helped boost sentiment on Wall Street. For the week, the S&P 500 and Nasdaq are eyeing substantial wins, while the Dow is staring at a loss. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more.
Brooke Sutherland Ending Trump s TikTok and WeChat bans will help Biden win trust with European allies to confront China. Near the top of the Nasdaq, today is, up 96.2% at $17.74 at last check. You will be charged $ + tax (if applicable) for The Wall Street Journal. President Joe Biden and the Democrats won, but ex-President Donald Trump and the Republicans have decided to pretend they won.

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