While the gold and silver markets are showing positive action early today, both markets look to face a small measure of outside market pressure from a tick higher in US treasury yields and a higher high versus Thursday in the US dollar.
While the gold and silver trade were lifted off the recent low by a glimmer of hope for a US rate cut earlier this (the best odd of a cut is 51.1% for the September Fed meeting) the impact from the Fed yesterday shifted slightly negative with at least two members indicating borrowing costs need to stay higher for longer!
Based on overnight Chinese economic data (particularly retail sales came in softer than expected and house prices fell more than expected), the outlook for the Chinese economy and therefore precious metals and commodities was saved by a very unusual and direct Chinese government support for the Chinese housing market...[MORE]
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