Gold resumes its inverted relationship with oil. Rising oil forces oil importing countries to sell some of their gold reserves to cover oil costs (Turkey, Bolivia, Ghana, Uzbekistan). Rising oil leads to higher inflation, eliminating the need for the Fed to cut rates, which is not a positive outcome for gold and silver. If inflation rises but the Fed continues to signal at cutting interest rates (or to not raise rates), then this will be seen as causing more inflation. In this case, the bond market will "raise" interest rates via higher yields. Higher bond yields are seen negative for gold and silver. Especially if yields rise faster than inflation That is why it is important to understand what Kevin Warsh, the new head of the federal Reserve will say about inflation and interest rates on Wednesday. If he proves to be dovish -- and bond markets do not believe him, then we could see a selloff in bonds i.e. a rise in bond yields. 

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Take a look at the message from Silver's daily and weekly charts. Does this mean $60/oz is inevitable?

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How we got these figures on Nasda100 and SP500. On Monday, I posted a chart here showing the path to 28200 on Nasdaq100. The post was published when Nasdaq was at 28957. On Tuesday, Nasdaq recovered all the way to 29800 ahead of the NY open, before dropping 1600 pts to print a session low of 28200--not 28250 nor 28170 but 28200. Now, you must also ask "how did Nasdaq charted the path from 28957 to 28200?". On Tuesday, we posted this chart identifying that any upside will be limited at the right shoulder resistance of 29750. And that is exactly what it did (here's the chart again) 

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We have seen how Nasdaq100 peaked at the 19% extension from its 200-day moving average, before tumbling 6%. The 19% pattern was referred to in this video.  The market will likely hold above the 28000 support--underlined by the May 6 gap-- and capped by the 29700 resistance, highlighted by the May 26 Gap.  More details to members of the WhatsApp Bdcst Group.

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Here are the most correlated years to 2026 in gold, DowJones and SaudiArabia's TADAWUL - TASI Index. Watch here. 

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