The market’s in a sour mood today — and I don’t blame it.
There’s a lot of heat coming from every direction right now.
Let’s start with the headlines.
Israel just announced it plans to take over Gaza.
That’s a serious escalation — and the market is reacting to it. The idea of more war in the Middle East always gets traders on edge.
And with Friday’s round of tariffs hitting soon, things are even shakier.
We’ve already got India pulling back on Russian oil purchases to try and dodge the fallout…
Meanwhile, Russia, Ukraine, and the U.S. are supposedly getting ready to sit down and talk…
But oil still can’t catch a bid — even after the EIA Petroleum Status Report showed big inventory draws… Plus, OPEC increased production by over 500,000 barrels a day.
In short? Crude is conflicted.
And all that uncertainty is pushing gold higher again.
We’re seeing the dollar weaken… Powell’s job hang in the balance… and geopolitical risk rising — and that’s the perfect cocktail for gold to perk up.
Silver’s back above $38, which is giving gold some tailwind too.
Commodities Are Mixed Elsewhere
Corn sales are picking up on the new crop — but that’s getting offset by bumper crops here and in Brazil.
That could mean cheaper feed costs, which might help explain why beef prices are climbing.
Bottom line?
It’s all messy right now.
You’ve got political risk, Fed uncertainty, choppy commodity action, and earnings season still going.
So I’m staying light… Watching levels… And taking what the market gives me.
And keeping my eye on gold as it starts to shine again after a summer break.
If you want the full breakdown — including what I’m seeing in oil, gold, silver, corn and beef — I’ll be walking through all of it tomorrow at 11am Eastern on Profit Panel. Register your spot here — FREE!
Stay sharp,
— Geof
