21 Sep ’22, 09:26 Central Euro Time:

Ahead of the Fed we’ve both the Euro and Spoo trading at present below their respective Neutral Zones for today; above same are the Bond, Gold, Silver and Oil, and volatility is mostly moderate, indicative of a bit more overall nervousness than usual ahead of a monetary policy statement. The Dollar Index is back above 110, (its recent high is 110.785 with 111 quite reasonable on today’s FedFunds rise). Gold has been girding itself rather than succumbing to lower levels as is technically suggested in The Gold Update: ’tis a vast distance between moving sub-1600 versus the current fundamental valuation of 3985. Just as Gold has hesitated in its near-term down move, so has Silver hesitated in its near-term up move. Too, all five primary BEGOS Markets have been positively correlated with one another in recent days, such relationship likely undoing to an extent post-Fed. For the Econ Baro we’ve August’s Exiting Home Sales.

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