Metals to be unstable….

Silver prices are essentially unchanged while gold prices are down, with gold hitting a four-week low and silver a nine-week low overnight. Currently, silver and gold are both exhibiting chart-based selling from shorter-term futures traders. At its most recent price, March silver was up $0.002 at $22.145 while April gold was down $4.70 at $1,873.60. Overnight, the world’s stock markets were mixed. When the New York day session starts, U.S. market indices are headed for worse openings. OANDA market analyst Craig Erlam stated in an email today: “Equity markets are concluding the week in a neutral or slightly negative tone, which basically sums up how people have been feeling all week. The Fed and other central banks have been active in urging prudence on expectations for interest rates. And with the explosive U.S. jobs data last week, there is no doubt that it had an effect. The Fed is currently expected to raise interest rates twice more, with a potential reduction later in the year.” The recession has vanished, according to the headline of a Barron’s report from today.
According to sources in the overnight news, as a result of Western sanctions, Russia expects to reduce its oil production by 500,000 barrels per day, or around 5%, beginning in March. On hearing the news, oil prices rose. The belief that China’s economy will grow more strongly this year is another factor supporting oil prices. Prices for Nymex crude oil futures are steadily rising and currently hover around $80.00 per barrel.

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