The precious metals bulls are encouraged this week by growing ideas the Federal Reserve will not be able to start tightening its monetary policy as soon as many had reckoned just a few weeks ago.
economic data, and less emphasis on the surging coronavirus that may have the potential to damage major economies again in the coming months.
The confab has been pared back a bit and parts of it will be virtual this year due to the spreading delta variant of the coronavirus.
This week’s strong rebound in crude prices suggests that market has put in a near-term bottom.
Bulls’ next upside price objective is to produce a close above solid resistance at the August high of $1,833.40.
The next downside price objective for the bears is closing prices below solid support at the August low of $22.295.
The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.15 cents.