Trend is down with a bearish conundrum of rising rates/recession
With the dollar index posting a six-day high overnight, traders should expect new contract highs in the coming sessions, even though a lack of critical US economic data today might limit activity in the currency markets. Even with anxiety flowing from weakness in global equity markets and broadening recession sentiment, gold and silver are not benefiting from economic uncertainty.
MARKET IDEAS: The best hope of finding support in gold and silver is for them to follow through aggressively on the downside and remove more weak handed longs and exhaust the sellers. We expect traders to continue to sell the rumor of higher rates and factor threats of recession into the September 21 FOMC rate decision.
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