With a risk-off environment in equities and commodities overnight gold and silver overnight have paused/retrenched after significant gains.
However, the initial landscape today favors further corrective action as US treasury yields have broken out to the upside perhaps in anticipation of today's US Federal Reserve Chairman speech which many expect to reiterate the "higher for longer" mantra.
On the other hand, the Fed has recently expressed concern for the drag on the economy from surging long-term rates and the Chairman might address that situation today...[MORE]
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