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.

• 1. Gold, Silver and Miners

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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.

• 1. Crude Oil

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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.

• 1. Copper

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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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