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The dovish tone of the FOMC minutes brought about the expected reactions in all markets this week, driven by the growing concerns of voting members over the strength of the USD and its negative implications for economic growth.
The dovish tone of the FOMC minutes brought about the expected reactions in all markets this week, driven by the growing concerns of voting members over the strength of the USD and its negative implications for economic growth. Couple this with growing fears of a global economic downturn, led by the woes in Germany, and all of a sudden interest rate hikes in the first half of 2015 no longer look like a guarantee. Besides the continued sell-off in global equities and the extreme volatility in U.S. equities this week, we are also seeing a major sell-off throughout the energy complex and a continued rally in the bond market.
Falling energy prices led by the free fall in crude oil have weighed on precious metals this week and may be further proof that an economic downturn is already upon us. The short term implications for precious metals may not be good, but beyond that the picture may turn brighter as hedge fund, mutual fund and portfolio managers look for investments that produce a positive rate of return. In the short term, with gold driving the market, look for support at $1,215.00 and resistance at $1,245.00 – $1,250.00. A break below $1,180.00 or above $1,265.00 sets the stage for a big move.
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