Tuesday's Final Takeaways: Gold & Silver Slide, Manufacturing Jobs Pressured

Marley Kaden reports a broad risk-off day led by tech selloff spilling into precious metals. Gold breaks below $4130, silver near 6-month lows as dollar strengthens and Fed rate hike odds jump to 89%. Banks cut gold targets; technician sees 15% more downside. Manufacturing data shows inventory-driven beat but rising job cuts. Micron earnings previewed with caution.

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Tuesday's Final Takeaways: Gold & Silver Slide, Manufacturing Jobs Pressured

Gold; Silver

Gold → 4300
Gold → 3800
Gold → 3600
Silver → 39

dxy

The dollar broke through the 101 level today.

metals

Gold plunged more than 2% to break below $4130. Silver slid almost 6% to a fresh 6-month low. Christopher Mulelin sees gold falling 15% to ~$3,600, silver dropping 40% to $39.

ndx

Global selloff in tech sparked a coordinated selloff across safe haven assets.

rut

Job cuts at US factories near highest levels since 2009/COVID, manufacturers slashing headcounts citing soaring costs and fading demand, suggesting weakness in small-cap industrials.

yields

CME FedWatch pricing 89% probability of a December rate hike implies rising yields as the market reprices hawkish Fed policy.

Marley Kaden

Precious metals are declining sharply as the global tech selloff triggered a coordinated selloff across safe haven assets. Gold plunged more than 2% to break below $4130. Silver slid almost 6% to a fresh 6-month low below $62/oz, as sector deleveraging amplifies macro pressure.
Marley Kaden

The street is rapidly repricing hawkish FOMC dot plot signals. CME FedWatch now prices 89% probability of a December rate hike.
Marley Kaden

Bank of America says its previous $6,000 gold target looks unlikely because the inflation backdrop remains uncomfortable, likely driving tighter monetary policy.
Marley Kaden

Deutsche Bank says 'the hawks are driving out bulls in the gold market,' revising its price target to $4,300/oz in Q3 if the Fed stays on hold, highlighting risk that Fed hikes could take gold as low as $3,800/oz.
Marley Kaden

Christopher Mulelin from Technical Traders said if the dollar broke through 101 (which it did today), he saw gold falling 15% to ~$3,600/oz near term, silver potentially dropping 40% to $39/oz.
Marley Kaden

S&P Global data shows job cuts at US factories running near highest levels since 2009 and COVID. June Flash Manufacturing Index beat at 55.7, but economists warn growth is temporarily buoyed by artificial inventory hoarding amid supply chain delays.
Marley Kaden

Manufacturers slashed headcounts in 3 of the past 4 months, citing a painful squeeze from soaring raw material costs and fading global demand.
Marley Kaden

Micron earnings coming after the bell. Stock closed down ~13% today, still up >275% YTD. Tiernan Ray warned investors are nervous about how long good times can last for this boom-bust memory chip industry.
Marley Kaden

Micron has beaten on earnings and guidance for 6 straight quarters with average surprise >15%, but has traded lower after results in 5 of those 6 quarters.

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