Better risk appetite to start the trading week, as seen by the S&P 500 and Nasdaq stock indexes scoring record highs today, is also a negative for the safe-haven metals.
trader and investor attention to start the trading week was on Hurricane Ida that pounded the Louisiana and Mississippi coasts Sunday and overnight.
While several Federal Reserve officials gave hawkish interviews last week, Fed Chairman Jay Powell said on Friday that while the Fed could begin to reduce its monthly bond purchases this year, it will be in no hurry to raise interest rates.
Technically, gold bulls have the overall near-term technical advantage and are still sitting pretty good after last Friday’s bullish weekly high close.
The next downside price objective for the bears is closing prices below solid support at the August low of $22.295.
Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the July high of 458.60 cents.