Phil Carr
The Gold & Silver Club
Silver prices shifted into correction mode after data showed U.S retail sales unexpectedly increased in August, easing some concerns about a sharp slowdown in economic growth.
On Thursday, the Commerce Department reported a surprising 0.7% growth in retail sales in August versus expectations of a decline, signalling strong consumer sentiment despite rising delta variant coronavirus cases. With the Philadelphia Federal Reserve also reporting strong manufacturing activity and optimism among firms surveyed about the coming six months – traders believes the Federal Reserve could increase interest rates sooner than expected.
Looking ahead, the major event that traders will be closely monitoring for clues on the markets next big move will be the upcoming FOMC Policy Meeting.
Traders will be watching to see if Fed officials reveal any fresh insights into the anticipated wind down of the central bank’s massive quantitative program, especially in light of recent economic data.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
Recommended Content
Editors’ Picks
EUR/USD climbs to daily highs near 1.1180 following the Fed’s decision
EUR/USD now picks up extra pace and revisits the 1.1180 region after the Federal Reserve decided to cut its interest rates by 50 bps at its event on Wednesday.
GBP/USD hits fresh tops near 1.3300 on weaker Dollar
The Greenback is now accelerating its decline following the Fed’s decision to reduce its interest rates, sending GBP/USD to fresh tops in the 1.3290 zone.
Gold surrenders gains and drops to weekly lows near $2,550
Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.
Federal Reserve set for first interest-rate reduction in four years amid growing bets of jumbo cut
The Federal Reserve is widely expected to lower the policy rate after the September meeting. The revised Summary of Economic Projections and Fed Chairman Powell’s remarks could provide important clues about the rate outlook.
UK CPI set to grow at stable 2.2% in August ahead of BoE meeting
The United Kingdom Office for National Statistics will release August Consumer Price Index figures on Wednesday. Inflation, as measured by the CPI, is one of the main factors on which the Bank of England bases its monetary policy decision, meaning the data is considered a major mover of the Pound Sterling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.