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No easy Fed ahead

Commentaries & Views

Core PCE left stocks very complacent, and the breakout above 4,529 – 4,535 zone was rejected. That was the task for yesterday, Sellers though need to decisively break 4,515. Non-farm payrolls in line or slightly below expectations would do the trick as dialing back Fed easing is all what's required for stocks led by tech to decline as 10y yield attempts to move back above 4.20% perhaps to 4.25%. Precious and base metals are already sniffing out a not too strong NFPs figure ahead.

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Let's move right into the charts (all courtesy of – today's full scale article contains 3 of them.

Gold, Silver and Miners

Precious metals are still in the upswing mode, and not only didn't have smooth sailing yesterday indeed, but may very well wobble today for a while as well. The upleg isn't though in a jeopardy, and not even more miners' weakness indicates that it's time to jump ship. It isn't, and $1,980 awaits maybe not only in Dec contract, but can be approached in XAUUSD too.

Crude Oil

Crude oil is well supported on the supply side as well, and it's very enouraging that together wit copper both are ignoring the necessity of China's moves to support its economic growth.

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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.