Precious Metals Climb, Oil Recovers, Equities Pause

Today’s economic calendar is relatively light. The only key data release will be the Ivey PMI from Canada, expected at 51.2, representing a slight decline from the previous figure. While macroeconomic headlines may be limited today, markets are still seeing notable movement in several areas.

Precious metals are leading the action, with gold and silver extending gains after a strong session on Monday. This marks a potential reversal from the recent bearish correction that dominated sentiment in April. Gold, in particular, is regaining key technical levels, suggesting growing confidence among buyers.

Oil is also rebounding sharply, staging a recovery after last week’s heavy losses and a bearish gap at the start of this week. The bounce is helping to stabilize the energy sector, though it remains to be seen if this is a sustainable reversal or a short-lived reaction.

On the equity side, American indices are slightly in the red, continuing the mild correction that started yesterday. In contrast, European futures remain resilient, with Tuesday’s open marked by a neutral to slightly positive tone. This divergence may suggest cautious optimism in Europe, while U.S. markets tread water ahead of key events.

Speaking of which, the main focus is already shifting to Wednesday’s FOMC decision and Federal Reserve commentary. With no changes in interest rates expected, traders are keenly watching for signals about the Fed’s future path, especially in light of recent economic data.

Finally, on the earnings front, today’s spotlight is on AMD, which is scheduled to report after the U.S. market close. Market participants will be closely analyzing the results for signs of strength in the semiconductor space.

Source: https://www.axiory.com/analytics/market-news/precious-metals-climb-oil-recovers-equities-pause