Gold Is Getting At An Interesting Level – CPI Early Clues

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Yesterday‘s S&P 500 downswing didn‘t last even though the sellers came back strongly before the day was over. Bonds though have recovered, 10y yield is sitting at 4% – the interest rate sensitive sectors (and prior leaders mentioned in the stock market chart) didn‘t take the cue, and are doing so only now premarket.

EURUSD is up, yields still at bay, gold and silver retracing some of yesterday‘s decline while oil and natgas are little changed – looks to me as a pause in the risk-off positioning (positioning for hotter than expected CPI, hotter than 3.3% or even what I see as a bit likelier, 3.4%). In short, market seem to ready themselves to buck what the figure would do with Fed tightening odds for Sep already.

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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

Gold

Gold is getting at an interesting level, and even if there is no confirmation yet of an upswing making it through CPI, odds are that any initial downswing would be bought – and the same for silver. Both metals ignored retreating yields of late, and the selling pressure seems to be losing volume (conviction) – local bottom is at hand.

Crude Oil

Crude Oil

Crude oil indeed continues with the running correction – and the next consolidation would be $83 – today may bring a little initial retreat in energy if stocks and select other assets do what premarket price action is hinting at – never to underestimate.

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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.

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