by Chris Becker
The precious metals complex is teetering again after a bludgeoning overnight with gold leading the way this time, down to just above $1900USD per ounce in a sharp move this morning:
Silver is close behind at the moment, just hanging on below the $25USD per ounce level and ready to crack below last night’s session lows after a very minor breakout this morning:
Meanwhile the PBOC has move the Yuan fix lower again, this time down to 6.9597 from 6.9711, with offshore trading lifting slightly. Note how there is support building below at the daily lows at the 6.93 handle:
The Australian dollar is on the ropes against USD, barely hanging on to four hourly support and ready to crack through the 71 handle in the wake of the poor consumer sentiment print this morning:
The ASX200 is down 0.3% or so with job ad company Seek (SEK) posting a $111 million loss due to the COVID-19 pandemic, with shares down as much as 14%, currently the worst in the index, off by more than 10% going into the lunch session. Commonwealth Bank (CBA) is holding on to a minor blip following its recent report, while gold miners are getting hammered as expected, with Newcrest (NCM) off by more than 3%.