Gold, Silver & Copper Warning: Key Levels to Watch | Kevin Steuer

Mark (0:00)

Brought to you by the Ore Group, connecting people, objects and capital to fund the next generation of mines. My name is Mark and you're watching Resource Talks weekly news roundup for the weekend in September the 27th, 2026 This week, Fed officials warned that more interest rate rises are likely. Gold and silver came under pressure as the dollar strengthened, and tightening copper supplies in China helped push prices back towards record highs.

And joining us to make sense of it all is Kevin Steuer, managing partner of technical analysis platform stockta.com and a trader with around 15 years of experience. And at the end of the show, I'll ask Kevin what change he'd make to our $1 million model portfolio. So, Kevin, thanks for joining us.

Kevin Steuer (0:49)

Thank you so much for having me on.

Mark (0:53)

So, Kevin, the NASDAQ reached a new record this week, despite for the prospects of further rate rises. And back in July, you did an interview with David Lin, in which you said that you're mostly, you were in that moment, mostly in cash.

But by August, you'd started buying again. So, what sort of changed in your signals and how much cash are you holding now?

Kevin Steuer (1:19)

Yeah, that's a great question. I think this year has been especially tough to trade with, I mean, honestly, the last two years between the tariff on, tariff off, tariffs, going to the Supreme Court, tariffs off, Iran war, oil prices, supply chain stuff. There's been a lot of things that are tough to price into technical movements. And that's kind of my specialty is obviously I pay attention to the macro, but I do mostly trade on the technicals. And it's been a lot of in and out this year, which has been really hard. And I've been trying to manage my risk and just kind of protect.

I've had a good year. I've been trying to protect my gains. But my major things that I look for kind of top down are I look at in no particular order. I look at what the US dollar is doing. I think you have to start there. I look at the 10 year. I look at the VIX. I look at the move index. So I kind of look at all those signals and I basically look for green light, yellow light, red light. When I start getting red lights, that's when I go more to cash or if it goes from green light to yellow light, I start to lock in some more gains, put my stop losses a little tighter.

Throughout the year, there's been a lot of mixed signals. So it's been tough to trade, but I think we've done a pretty good job managing it and I'm still outperforming the market, which has been good. It hasn't been easy, but there's always opportunity somewhere. And I think that's the hard part, is trying to figure out where that opportunity is going to be. And you don't want to build a full position in gold and silver, and the miners are consolidating, and you watch tech take off, or you watch, you put all your money into gold and copper takes off. So I think that's where our platform does a pretty good job of giving you numbers and giving you data to figure out where the market leaders are. And hopefully, you try to skate to where the puck is trying to go. And that's my trading style, because I'm more of a swing trader, and I will hold stuff longer term if it's working well. I don't like the day trade. I don't usually short stuff anymore, but it's trying to find those right entries and then locking in those gains when stuff reverts back the other way.

Mark (3:32)

So you used that graphic light analogy there. So what light are you seeing right now? Are we on a red light, orange light, green light? I guess it must depend on what asset class you're looking at trying to trade, how would you?

Kevin Steuer (3:46)

I think it's really interesting that the VIX has been held down so long. And I think the market's been unbelievably resilient in the face of all this stuff. And you've had $100 oil, you have who knows what's going on with the Iran war negotiation. So we were in gold, we've been in and out of gold and silver kind of all year based on kind of the price movements. Luckily enough, our model liked copper the most going into the year. So copper has done really well for us.

We've been in and out of oil like Crack CRAK, which is a refiner ETF. I didn't know anything about it until this year. My algorithm just picked it up on a stock screen.