Gold surged higher yesterday as the US Congress appeared to support President Obama's military action in Syria and traders returned to their desks following Labor Day, pushing the price as high as resistance at 1416.
This morning, gold has slid back a little to currently trade at 1407 as the ABC correction continues to unfold.
With some important data releases over the rest of the week, we could see some volatility in gold, particularly with the Non Farms Payroll number on Friday. A strong number will make a start to tapering in September a virtual certainty, though a weak number could give gold a boost as thoughts of tapering are potentially delayed until October or December.
Equities remain weak in the short term and are correcting the recent strong rally. This is supporting gold and any further weakness in equities will benefit gold.
Oil remains at elevated levels, currently trading above $108 a barrel on tensions in Syria and liable to sharp surges or sell offs as events develop further in the Middle East.
Today's video for subscribers looks at the ABC correction in more detail and our strategy for our next trade.
This morning, gold has slid back a little to currently trade at 1407 as the ABC correction continues to unfold.
With some important data releases over the rest of the week, we could see some volatility in gold, particularly with the Non Farms Payroll number on Friday. A strong number will make a start to tapering in September a virtual certainty, though a weak number could give gold a boost as thoughts of tapering are potentially delayed until October or December.
Equities remain weak in the short term and are correcting the recent strong rally. This is supporting gold and any further weakness in equities will benefit gold.
Oil remains at elevated levels, currently trading above $108 a barrel on tensions in Syria and liable to sharp surges or sell offs as events develop further in the Middle East.
Today's video for subscribers looks at the ABC correction in more detail and our strategy for our next trade.