Copper prices were on track for a weekly loss on Friday due to a strong dollar, high inventories and reduced risk appetite after the U.S. Federal Reserve signalled monetary policy would remain restrictive for longer.
October Nymex natural gas (NGV23) on Friday closed +0.027 (+1.03%). Nat-gas prices Friday posted moderate gains, garnering carryover support from a rally in European nat-gas prices to a 1-month high. Gains in nat-gas were limited by forecasts for warmer-than-normal fall temperatures that would reduce heating demand for nat gas. Forecaster Atmospheric G2 said the middle …
With the fundamental roadblocks adding up, silver confronts a bearishoutlook at nearly every turn.
With the FOMC’s hawked-up SEP and Powell’s inflation focus upending severalrisk assets, rising real interestrates continue to weaken silver’s bull thesis. And with the Fed chief promising more of the same on Sep. 20, higher interest rates and/or a recession are both bullish for the USD Index. Powell said:
The oil price sets for further recovery as investors see the global rate-tightening cycle concluding sooner. Deepening supply concerns due to supply cuts from Russia and Saudi Arabia have kept oil bulls in the driving seat. Investors await global PMI data for further guidance on the oil price.
Gold (XAU/USD), Silver (XAG/USD) Technical Hurdles: The US Fed meeting was the focus this week and the Fed certainly did not disappoint. An upgrade to the Fed projections saw the Central Bank send a hawkish message as it changed its forecast for rate cuts in 2024, 100bps priced in June down to 50bps at this week’s meeting. At the same time growth forecast were upgraded while the Fed also see the labor market remaining robust.
DXY DOLLAR INDEX MADE BEAR ENGULF PATTERN EYES ON GOLD CRUDE WILL ZOOM LIKE ROCKET YA DOWN RALLY CONTINUE MORE–09887158903 JOIN