Gold consolidating earlier gains above $1300

If you’re tempted to sell the Gold stuff, then keep your stops fairly tight above $1325 as it certainly feels as if something major is about to happen in the commodity markets. News of the Fed review followed closely by this front-page article in The NY Times should ensure that commodity markets stay in the headlines for a few days to come.

  1. You would think these headlines are commodity negative therefore AUD negative… but who knows these days? But seems USD/JPY is telling us risk-on environment maybe turning? AUD/JPY lower but AUD/USD higher and USD/JPY lower?

  2. Hi Sean, how do you think this will affect audusd? Though the first reaction to this would be aud negative but it is holding up well so far (prob due to more fed dovishness expected from this?). Same goes for gold. Thanks.

  3. Certainly risk-aversion tones to it but the main factor is the affect on commodity prices. Market obviously thinks that any effects will be Gold and Silver bullish and if that’s the case, then AUD and CAD should be bullish.

  4. Thanks Sean. Certainly looks that way. Btw cable’s picture is starting to look much better (both fundamentals and technical) you reckon? The recent break of 1.51 post carney’s first MPC has fully retraced. Seems good for a move back to 1.54?

  5. Sorry Pete, refusing to talk about cable after being stopped out few weeks ago 🙁
    I see HSBC making big bearish call in cable today but I don’t see ut that way at moment, I much prefer buy-dips like yu say

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