In retrospect, traders might have been too quick to conclude that the Fed is softening its rate stance. That seemed to be on traders' minds earlier this week with the recent pattern of strong US economic data. Furthermore, with very critical inflation news expected from China tonight and the US PPI report on Friday morning, the markets are likely to get fresh direction of Fed policy.
MARKET IDEAS: While the bias in gold and silver remains up, the trade will face turbulence through two upcoming US inflation reports , especially with Treasury markets aggressively priced for a throttling back in the magnitude of US rate hikes. At present it appears that the Friday US PPI reading could be a bullish catalyst for gold and silver , but CPI next week could be problematic for the bull camp.
MARKET IDEAS: The copper market did manage a positive reaction to the latest reduction in Chinese activity restrictions, but for significant gains ahead, it might need signs of additional Chinese government support for their property sector. An outside day up yesterday followed by a fresh higher high early today leaves the bull camp in control. Near-term support for March copper is at $3.8350, with resistance and the next upside target at $3.9250.Follow @KitcoNewsNOW mark@hightowerreport.
Source: News Formal (newsformal.com)
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