Range-bound movement in gold and silver, oil slightly dented
Oil manages to hold somewhat on EIA deficit but manufacturing PMIs continue to contract.

GOLD: Little changed as movement relatively sedate
The greenback outperformed by little yesterday in the FX market, and with equities rising it has kept gold’s price slightly at bay and continuing to stall heavily at the highs within range-bound movement. Germany’s 30-year bond yields issued in negative territory were certainly the talk within the safe haven market, and that does aid non-yielding assets like the precious metal in looking more attractive. Preliminary PMIs this morning should alter risk appetite this morning if they veer significantly far from expectations, and tomorrow’s Fed Powell speech will be the key item to be on the look out for. Range-bound movement is testing the patience of retail traders holding long bias, with range-trading occurring on limited breakout opportunities.

SILVER: Range-bound movement for both precious metals
Silver’s price didn’t finish that far off from the start, as it and its precious metal cousin’s price movement has been range-bound ahead of tomorrow’s Powell speech. All the pair’s technical indicators remain bullish and combined with a trending ADX, though long-term that hasn’t been the case and hence promoting reversals on a more long-term outlook. Retail bias is extreme long at 88% rising a notch, while institutional bias is at 63% and down a couple percent.

OIL – US CRUDE: Consolidatory moves to the downside befitting its current technical overview
Although API’s estimate two days ago was a slight surplus, EIA’s more encompassing figure came in at a 2.7M deficit, preventing a more significant drop in oil prices ahead of preliminary PMI figures today that’ll give a hint as to whether manufacturing demand could be dented further with recent figures showing contraction globally. The pair’s price has crossed back below its 50-day and 200-day moving averages, and the energy commodity’s bear trend channel is just barely holding. Retail bias has risen 4% to a majority long 60% on short profit-taking, with that figure set to rise higher if further price declines entice more shorts into closing out.

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