Because we focused on the snake, we missed the scorpion.
As we are writing this report gold is trading at $1491 while the white metal is hovering around $17.80 per ounce. Gold and silver prices are weaker in early-afternoon New York trading Tuesday.we have seen around $20 correction in the gold prices this week as U.S. stock indices hit record highs on Monday. Market participants are focused on Wednesday(Today's) FOMC meetings where it's widely expected that they'll lower U.S. interest rates by 0.25%. Currently the CME’s FedWatch tool is predicting that there is a 97.3% probability the Fed will announce a rate cut tomorrow.one's may think this scenario is bullish for the precious metals complex without knowing that market are already priced in for this rate cut and fear over December rate cut and next year is already appearing in prices. The U.S. Labor Department’s nonfarm payroll jobs report also due out on Friday.
All-time highs in the U.S. stock indices and positive Brexit development also putting pressure on gold and silver prices. Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1520 however it seems it won't manifest any time soon, we understand the role of technical analysis however we are also aware it's a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one's trying to forecast the gold and silver prices and we have made our research report public which is freely available within the below link.
s.docworkspace.com/d/AJvw8O3S2oQugZjCj5GdFA
All-time highs in the U.S. stock indices and positive Brexit development also putting pressure on gold and silver prices. Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1520 however it seems it won't manifest any time soon, we understand the role of technical analysis however we are also aware it's a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one's trying to forecast the gold and silver prices and we have made our research report public which is freely available within the below link.
s.docworkspace.com/d/AJvw8O3S2oQugZjCj5GdFA
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