Much Dovish Expectations
S&P 500 went up for most of the session, but the tech driven upswing didn‘t last till the closing bell, and the tech earnings since didn‘t help either. I‘ve covered the situation at the stock market close and FOMC expectations in yesterday‘s video. Suffice to say that gold is bucking the cautious trend in real assets and stocks (just see DAX today), and counts on Fed-driven rise in Treasuries (acciompanied by declining dollar) as the yellow metals is where the bets on „final one and done“ concentrate – expect them to be put to scrutiny intraday.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
Gold, Silver and Miners
Gold is sniffing out dovish Fed, and wants to sniff it hard – the premarket trouble is it‘s still alone in doing that. Better gains relatively speaking await when immediate recession arrival looms later Q3. For now, the yellow metal is modestly optimistic, and is to keep above $1,960 almost certainly later today.
Crude oil kept consolidating the gains – with a distinctly bullish bias. The volume is though drying up a little, and sellers would like to take black gold to $78 and possibly a bit below later today, which however doesn‘t change the bullish fundamentals or chart.
Copper is to be wandering in the high $3.80s, and would prove more resilient to turbulence that many other real assets.
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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