No easy Fed ahead
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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 www.stockcharts.com) – 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 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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