Undercut & Rally - SLV
| Published: | 29 Jun 2023 16:19 ET |
ETF SLV had an undercut & rally off its 200-dma, moving 0.01 under the prior low. Despite Powell suggesting two more rate hikes which would probably keep precious metals in sloppy downtrends, CME FedWatch suggests only one more rate hike. The upcoming PCE report Fri at 830 am EST will affect the number of rate hikes as the PCE is the Fed's preferred measure of inflation. PCE has come off peak the least when compared to the CPI and PPI, suggesting that the stickier components of inflation may remain elevated for longer than expected. Keep stops tight such as at 20.43.
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