September 9, 2024 - (Gold Market Wire) - Precious Metals have had a nice run, but the threat of an equity market sell off, of which we just had a small taste, is like the proverbial Damoclean sword over the market. As a result, it looks like momentum is stalling out. Also, we need to wait for the Fed meeting, which is looking like a .25% cut, after a seemingly better than expected jobs report (emphasis on the 'seemingly').

Silver is near a moment of judgement, and will have to come up with the goods. This is going to be the first serious challenge for the metals.

We have an uptrend line, within a downtrending channel, so we will look to the resolution of the patterns to get a clearer picture. A break of the uptrend could start the sell-off.

Gold has held its own better, but we are still under our identified marker of $2505, and that has us still hugging the sidelines.

Having said all of this, we must, fairly, note that Gold held its own pretty well during the latest bout of equity weakness. That shows real underlying strength. However, we can't help but wonder if the action on Thursday/Friday, chart-wise, looks like a real reversal.

We are awaiting lower prices to enter into length. Silver should lead the way.