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Failing ES rotations

Commentaries & Views

Yet another S&P 500 intraday reversal higher that fizzled out, in premarket already – but weak ISM would rescue the buyers for a while again. Triggering bets on the Fed to step back from the tightening campaign (of course a misguided notion), there are signs markets are positioning for such an outcome – gold has erased half of yesterday's setback already, and EURUSD is catching a bid the more the data release approaches.

So, get ready for a risk-on reprieve that won't change the adverse liquidity circumstances as since the debt ceiling was solved once again, the Treasury issued almost $600bn of fresh debt. Together with monetary tightening effects slowly making their way through the system, this increases tail risks to the downside over the coming weeks if not months.

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Let's move right into the charts (all courtesy of – today's full scale article contains 5 of them.

Gold, Silver and Miners

Precious metals would be today's beneficiaries and rise vs. their opening values, but the correction isn't over yet at least in terms of time.

Crude Oil

Crude oil hasn't found strong footing yet, but will also benefit from the ISM figures and rise back above $68.


Copper also obliged lower in line with my yesterday's call, just as precious metals did. Growth worries are hitting home here as well, and today's steep decline will be partially retraced on the Fed tightening bets temporary reappraisal.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.