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Quiet commodity markets ahead of the FED decision today at 2pm. Most expect no rate hike this time around. So we just wait to view the FED minutes in hope of receiving some clarity to when the next rate hike might be.
All four metals in the ETF arena saw increases yesterday, with Gold holding still above the 57 million mark. Uncertainty about global growth and negative interest rates are still a concern for many, as witnessed by the large open interest in the Gold CME contract.
Going forward, if gold continues its decline, I expect there will not be many new buyers in the market until we test the $ 1200 dollar level again. For silver, the story remains the same at $15 dollars, where we expect the level of support to be.
Wall Street spec traders are for the most part not involved at these levels and are also awaiting some direction from the FED before coming out to play once again.
Author Name: Walter Pehowich
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