No Easy Fed Ahead
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.
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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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