26 August 2024 – 08:16 Central Euro Time

Copper is the sole BEGOS Market at present outside (above) its Neutral Zone for today; session volatility is light and by Market Ranges, EDTRs (save for that of the Euro) continue to narrow, albeit are (in some cases) above average ranges looking back a year. The Gold Update addresses price by Market Values as being “high” (in real-time by +113 points); also noted are the Dollar’s demise post-Powell and the unsupportive MoneyFlow beneath the S&P 500’s recent rally, the Index also now seven days “textbook overbought”; the “live” futs-adj’d P/E is 42.0x, some +68% above its inception a dozen years ago. As well for Gold, should the “usual” post-All-Time High selling gather some momentum, the 2375 level — our forecast high for this year and essentially a center-piece of structural support — wouldn’t be an untoward landing area. Copper’s cac volume has rolled from September into that for December. The Econ Baro begins its week with July’s Durable Orders.