Forecasts & Analysis |

Cost weather is spreading across the west coast

US yields decline

Memphis, Tennessee-based auto parts retailer AutoZone reported better-than-expected earnings in the second quarter, largely driven by government stimulus and recovery in consumer demand from the COVID-19 pandemic slump, sending its shares up over 1% on Tuesday.

USD/CAD managed to settle below the support at 1.2665 and is testing the next support at 1.2625.

NIO shares gained strong downside momentum.

The economy seems to be recovering, while bond yields are increasing again, sending gold prices down.

Silver tested the support at $25.85 but did not manage to develop sufficient downside momentum.

The gold futures contract lost 0.34% on Monday, as it fluctuated after breaking below the previous local low and a support level of $1,750. The market is the lowest since mid-June of 2020. This morning gold is bouncing from $1,700 price level, as we can see on the daily chart

This bullish action completes a double bottom reversal that should signal the end of the five-month correction.

We’re not too worried about a sell-off since OPEC+ has a pretty strong grip on supply and can add it and take it away, seemingly at will.