The rising recession probability and an even more hawkish Federal Reserve were all the chatter this week. Inflation remains well beyond the Fed's target, and after Friday's strong payroll data, it appears they will have to further tighter into an economic slowdown. As a result, Equity futures are operating under the thesis that good news is bad for the stock market. After the strong recovery from the July lows, Precious metals are also digesting the impact of additional rate hikes.
To help you identify additional long-term support and resistance levels, we created a Free"5-Step Technical Analysis Guide that will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.Similar to Gold, Silver continues to struggle with the 50 DMA leaving the market susceptible to a correction back to the mid-19s.
Source: News Formal (newsformal.com)
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