If the recent dynamic of rising rates, a firming dollar, and fading inflation expectations continues, it is only a matter of time until gold breaks down through the bulls’ ‘line in the sand’ at $1,680 and hits new lows for the year…analysts at Sevens Report Research wrote in Wednesday’s newsletter. Click here to read the full article.
What’s in Today’s Report:
Futures are marginally higher ahead of the Fed as markets bounce from Tuesday’s declines thanks to decent earnings.
Earnings after the bell were decent as AMD and SBUX both rallied, although Visa (V) made cautious comments on consumer spending late in Q2, which again implies we’re seeing a potential stall in the economic recovery.
Economically there were no notable reports overnight.
Today the key event is the FOMC Decision (E: No Change to Rates or QE) and Fed Chair Press Conference at 2:30 p.m. ET. Again, if there’s going to be a surprise from the Fed today (which is unlikely) it’s going to come from the press conference – so we’ll be watching.
