Gold, silver rebound on short covering after hot U.S. CPI kitconews gold silver metals economics finance mining investing
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The U.S. data point of the week, if not the month, saw Wednesday morning's consumer price index report for June come in very hot at up 9.1%, year-on-year. Expectations were for a rise of 8.5%, year-on-year. In the May report, CPI was up 8.6% annually. The markets' early reactions to the CPI report are suggesting there is a 75% chance the Fed will have to do another 0.75% rate hike at its next FOMC meeting on July 26-27. There is a 30% chance the Fed will do a full 1.
Traders were still buzzing about Tuesday's big downdraft in crude oil futures prices, with Nymex futures falling to a 2.5-month low of $93.67 overnight. Crude's plunge pulled other major commodity market prices down, too. The weakening raw commodity sector is an early clue that inflationary pressures may have peaked.
Technically, August gold futures prices hit an 11-month low early on today and the reversed course to score a bullish “outside day” up on the daily bar chart. Bears still have the solid overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,800.00.
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