Precious Metals Surge as Energy Markets Struggle in Bearish Trend

Hello traders, welcome to Tuesday’s session. Today’s economic calendar has several notable events lined up, including U.S. CB Consumer Confidence, expected at 99.5, and JOLT’s job openings, anticipated just shy of 8 million. Later in the day, we’ll also hear from central bank officials: S&P Chairman Schlegel and BOC Governor Macklem are scheduled to speak towards the end of the American session.

Let’s start with indices, which had a positive close yesterday, setting up for another promising start in Europe today. It appears that traders are largely optimistic, with little immediate concern driving down sentiment.

In commodities, energy markets continue to struggle, particularly in oil, where a long-term bearish trend persists. While early September brought brief hope of a bullish reversal, it ultimately turned out to be a temporary correction, with sellers reclaiming control. In contrast, precious metals maintain positive momentum, with gold approaching long-term highs and silver pushing upwards as well, sustaining a favorable trend for metal investors.

On the currency front, the Japanese yen is attempting to regain ground after a tough session yesterday. Meanwhile, antipodean currencies—namely the Australian and New Zealand dollars—are facing pressure and remain among the weaker performers today. However, major currency pairs lack strong directional moves, with many instruments drifting sideways. This quieter movement, while unexciting for swing traders, often builds a base for future volatility, so staying alert for emerging trends is key.

Source: https://www.axiory.com/analytics/market-news/precious-metals-surge-as-energy-markets-struggle-i