Precious metals are continuing to show strength ahead of the upcoming FOMC meeting. For the second consecutive session, gold and silver futures saw a rise in price action. This is likely due to the currency market being rangebound and weakness in the U.S. dollar. Due to the current weakness in the U.S. dollar, the marketplace is expecting the Fed to take a dovish stance in their upcoming meeting which will further drive price action up for precious metals. Other noteworthy happenings in the stock market is the tilt higher in S&P 500 futures which was bolstered by the rally in Apple, Microsoft, and Boeing. Apple stock rose 7.6% while we saw Microsoft stock rise 4.9%, the rally from both these tech giants led the way to what we saw on Monday as S&P 500 and Nasdaq futures climbed .02% respectively. We’ll keep an eye on the S&P to see if the recent rally in tech will continue.
E-Mini S&P 500 Jun ’19 Daily Chart