Gold Gold Gold Its fast and furious out here !!

Stephen Innes SPI Asset Management

Fast a Furious

Gold

It’s been a frantic rally in gold this morning as prices slammed through multi-year resistance between $1360-1375 like a bull at a gate. But with so much arbitrage taking place between the TOCOCM and SGE it was hard to make heads or tails of the move above $1380 that may have contributed to the surge to $1394. Just think where gold would be trading if the Fed did cut rates last night. I wish I didn't sound like "Captain Obvious " on this view, but look no further than the tumbling greenback that is contributing to glittering golds appeal, more on the buck below

USD Dollar

With David Bloom from HSBC article making the rounds suggesting we are entering a new world order for currency markets “The US wants to prevent FX from undermining protectionist measures aimed at reining in the US trade deficit." has stirred a lot of market chatter that the US administration is in the early stages of stealth dollar depreciation mode. While it's still at the steps of being little more than a conspiracy lark, but the article is hitting the dollar market at a time when the greenback is vulnerable, so we could see further downside momentum which will continue to support Gold.

Author

Stephen Innes

SPI Asset Management

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets.

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