Crude oil trades to a new session high at looks toward swing highs for May

Low price extended gains with crude oil contract up $1 on the day

The price of crude oil is trading to a new session high and in the process is now up one dollar on the day or 1.53% to $66.36. The  high price just tick to $66.38.

Low price extended gains with crude oil contract up $1 on the day

Looking at the hourly chart, the price is running away from its sideways 100 and 200 hour moving averages at $65.01 and $65.13 respectively (blue and green lines). The next targets come in at the high from last week at $66.60 and the high from May 5 at $66.73.

Elon Musk impersonators have stolen more than $2 million in crypto since Oct

Impersonated twitter accounts

Elon must
Not only can Elon Musk wipe value from investors digital currency wallets with one of his tweets, but the FTC is reporting that impersonators of Elon Musk have skimmed $2M in crypto from retail victims since October.
Impersonators, often using the same avatar images as Musk’s own twitter account but slightly misspelling his username, pretend to be Musk and messages followers to send currency to a specific wallet address in exchange for receiving a larger payment in return.
The scams violate Twitter’s policy against deceptive accounts. However, moderators have struggled to rein in the activity, and it remains prevalent on the platform.
Above is the real Elon Musk.  Below are fake Elon Musks.
Fake yield unmasks
The same thing happens to my twitter account.  I got this heads up last year.   Instead of @gregmikeFX, the impersonators used @_gregmikeFX (with an underscore).  They will then  look to send a friend request, and then direct message with a deal the victims can’t refuse that involves sending money.
Don’t fall for it……
My account

Major European indexes mixed to start the trading week

Mostly modest changes in the major indices

The major European indices are closing the day mixed to start the trading week. The end of day changes are mostly modest.
The provisional closes are shown
  • German DAX, -0.1%
  • France’s CAC -0.2%
  • UK’s FTSE 100, -0.1%
  • Spain’s Ibex, +0.1%
  • Italy’s FTSE MIB, +0.4%

In other markets as London/European traders look to exit:

  • Spot gold is trading at $1865.27, up $21 or 1.16%. The price traded at its highest level since early February 1 today with the high price reaching $1865.99 (and is also  above its 200 day moving average at $1846.12).
  • Spot silver is up $0.66 or 2.44% at $28.09
  • WTI crude oil futures are trading up $0.77 or 1.18% at $66.14
  •  Bitcoin has moved back into negative territory and trades down $-430 or -0.98% at $43,626.  The high price reached $46,646.15. The low price extended to $42,141

The only trend line that matters in gold right now

Decision time.

For medium term gold traders this is the key trend line.
Decision time. 
If you believe that high inflation is coming there will be a drive for hard assets like gold and gold alongside gold mining stocks could be about to break out higher. For those who are hyper gold bulls then go with the break of this trend line and stay long as long as price closes above this trend line is the trade. The bearish question marks being asked about Bitcoin and its environmental impact will only help gold.
What will change this outlook 
Any signs of bond tapering from the Fed. In 2013 when the Fed announced bond tapering Gold fell sharply by around 20%. See chart above.
The takeaway
As long as inflationary fears are high and the Fed is sticking to their bearish script then gold longs make sense and use this trend line to manage risk.

US 10 year yields return to key 1.60% level on Fed’s reassurances

Back to Wednesday’s level

The 1.50% -1.60% level is key in the US 10 year yields and has been significant for the last couple of weeks. Last week the strong US CPI data caused the US 10 year yields to break out of the 1.60% level.
Back to Wednesday's level
This in turn sent the USD higher as investors speculated that the Fed would be forced into tapering bonds early. The Fed repeated, and have continued to repeat, that they will not be moved by one data point. This allowed the yields to drift back lower.
So now we have the basic battle. Inflation will spur concerns over an early bond taper. Weak US data will keep yields lower(and support gold higher).

For the MSFT traders – gossip mags going all-in on Bill Gates now

Given the scale of Microsoft, providing an update on Gates.

Fodder for the gossip mags, but yeah, MSFT traders might want to take note. Wall Street Journal report on an affair.
More at that link above, its the Journal so may be gated.
Given the scale of Microsoft, providing an update on Gates. 
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