We posted this chart the other day. We have our downtrend line broken which is step #1. We now need follow through tomorrow.
For gold it's all about $1755 futures price. Let’s see if we get that overnight into tomorrow.
The Federal Reserve today with their policy statement issued at 2pm EST, gave the markets a clear direction. Interest rates will be kept at or near zero into 2022. This is highly supportive for metals and the stock market. The metals did not disappoint. We expect a 4-5 day large rally sometime in June, but the exact timing is unclear. We may launch from today into that rally testing $19.50 Silver and $1810 gold futures or we may wait until early next week to begin that propulsion. We will know tomorrow if the bullion banks will try to cap gold under $1750 one more time. They ultimately will fail but they require more time to make delivery of physical gold to counter party transactions that have occurred the past 60 days. Every day they can pin gold lower and prevent a breakout saves them money. Our expectation is that you will see this move no later than June 22nd. Remain patient. Miners, gold, silver and platinum should all follow the same trajectory to varying degrees.
BLMN is adding revenue in 2020 with the Aussie Grill expansion, another product line to their company to compete with all the big fast food names like McDonalds, Wendys, Burger King, Taco Bell etc. We expect price to break through $24 this year based on this addition. We have a hunch you will see a big name institutional value investor take a position in BLMN shortly. Price will never look back.
DENN has a great Covid-friendly footprint across rural America. Denny's won’t miss a beat as state economies reopen across the USA.
Expect some sideways consolidation with maximum upside of 3,250 SPX into next week. The next big move up will likely be towards the end of the month.
This is a trade that has potential to be a longer term trending trade into late July. We will evaluate our position weekly and may trade in and out of it during this advance.
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