After a quiet day yesterday, we expect trading volumes to pick up appreciably today as traders return to their desks after the Labor Day holiday in the US. Gold is under pressure in early dealings as the market continues to correct after hitting a rally high at 1433 and looks to tracing out a standard ABC correction.
Silver continues to exhibit strength relative to gold and the Gold:Silver Ratio (GSR) has fallen below 58. This is suggestive of a new bull phase in precious metals, with silver again leading gold higher.
Oil remains volatile though is underpinned by the continued troubles in the Middle East and remains constructive above $106 a barrel, with our target of $114 a barrel within striking distance.
This week sees a slew of US data releases including PMI and ISM readings today, trade deficit and Beige Book tomorrow, ADP employment, factory orders and productivity data on Thursday and the critical Non Farms Payroll number on Friday.
Today's video for subscribers looks at the current correction in more detail and our strategy for our next trade.
Silver continues to exhibit strength relative to gold and the Gold:Silver Ratio (GSR) has fallen below 58. This is suggestive of a new bull phase in precious metals, with silver again leading gold higher.
Oil remains volatile though is underpinned by the continued troubles in the Middle East and remains constructive above $106 a barrel, with our target of $114 a barrel within striking distance.
This week sees a slew of US data releases including PMI and ISM readings today, trade deficit and Beige Book tomorrow, ADP employment, factory orders and productivity data on Thursday and the critical Non Farms Payroll number on Friday.
Today's video for subscribers looks at the current correction in more detail and our strategy for our next trade.