Either way we still see the gold price getting back over $2,000.
Gold seems to be struggling to grab hold of the bullish momentum, either way we still see the gold price getting back over $2,000 – perhaps sooner rather than later – and then gradually rising to new heights. But for imediate price action heading into the early stages of next week its likely that we will see a small drop back into the immediate support and if not lower on the hourly.
Somewhat mixed and dated NA data did not prompt much initial market reaction, and bonds remain pretty ambivalent or even nonchalant as they continue to trade either side of parity with little common cause into month end. However, the Buck has taken some heed of the decidedly less risk averse environment as the DXY retreats further from yesterday’s 94.000+ highs to 93.650 to the benefit of the Euro and other major rivals, plus Gold that touched its 100 DMA. Ahead, Chicago PMI should be more interesting than final Michigan sentiment, but how Wall Street responds to after hours tech earnings will likely be more compelling along with the final position refinements for the last trading day of October.
Somewhat mixed and dated NA data did not prompt much initial market reaction, and bonds remain pretty ambivalent or even nonchalant as they continue to trade either side of parity with little common cause into month end. However, the Buck has taken some heed of the decidedly less risk averse environment as the DXY retreats further from yesterday’s 94.000+ highs to 93.650 to the benefit of the Euro and other major rivals, plus Gold that touched its 100 DMA. Ahead, Chicago PMI should be more interesting than final Michigan sentiment, but how Wall Street responds to after hours tech earnings will likely be more compelling along with the final position refinements for the last trading day of October.