The gold market wrapped up the trading week with a “thud” as prices got hit hard, declining by over $25 per ounce or nearly two percent. The catalyst for Friday’s selling was the release of the Employment Situation Report for July.
Gold ended the week on a high note, showing further signs of underlying strength. From a technical standpoint, the gold bulls appear ready to challenge the recent highs, and a test of the $1400 level may be in store.
The gold market has been on its heels in recent weeks, as equities have pushed to fresh all-time highs and overall risk aversion following the June 23rd Brexit referendum has dissipated.
The gold market could potentially see some additional selling this week as higher stocks and rising rates point to an improvement in overall risk appetite.
The gold market continues to show several signs of significant underlying strength and appears poised for further upside.
The gold market may be poised for a retest of recent highs after posting another solid gain of nearly 1.5 percent in Friday’s trade.
“Brexit” has become a reality. Now what? That is the question being asked by investors around the globe following the historic vote by the people of Great Britain.
How much change can we see in asset prices in 24 hours? Apparently, a lot as extreme volatility roils the world’s financial markets in reaction to Britain’s decision to vote in favour of exiting the European Union.
Gold and other safe haven assets have seen strong momentum leading up to the June 23rd ‘Brexit’ referendum when the United Kingdom will vote whether to remain within or exit the European Union.
The gold market saw some heightened volatility last week as a number of potentially significant issues are driving investor anxiety.
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