The market is back in Risk-On mode. No nukes were fired, no islands were bombed, no countries were invaded. It’s for this reason that we’re now only seeing buying on risky assets and why we should see a correction of the safe havens.
The SP500 has reversed as it usually does; with a V-shaped pattern, leaving no occasion for those who hesitated. In the last week, the price has broken many important supports, and now, we are already back above vast majority of them. Sentiment is positive again.
Silver is now testing the 16.8 USD/oz (ultra-important) as its closest support. It was recently a resistance, and as long as we stay above that level, buyers can have a hope for a further upswing.
Gold is in a slightly better situation. Here, we’re currently testing the 1273 USD/oz support and the next, more important one is slightly lower so a breakout today should not change the sentiment into a negative one. As long as we stay above the 1263 USD/oz, buyers have the advantage.