Pta
Copper is hit by both hike of I/R and China decision20-06-2021
In the past week, some of the inflationary pressure in the market dissipated with a major sell-off across the commodities complex. The Fed’s policy talk helped spur a surge in the dollar, which was part of the reason for the selling.
But the first catalyst was a move by China to cool the hot commodities markets. Reuters reported that a Chinese government agency planned to release reserves of aluminum, copper and zinc caused the price to plunge.
TP: $3.85
Interest rate hike sour Gold demand20-06-2021
Gold miners are affected by the price of gold,
which in turn is affected by interest rates because gold does not provide any interest or dividend income, and when interest rates rise, the opportunity cost of owning gold increases, making it a less attractive store of value.
Looking to retest @ 1670
Looking for upside after China slaps BABA with huge fine China slaps Alibaba with $2.8 billion fine in anti-monopoly probe. I will take this as good news as least we know, its consider like end of trouble for Alibaba.
Good to nimble at 100W MA. Break below 200W MA not a good sign. (Price below $200)