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Gold and Crude Update
It’s all looking good for Gold, a weaker dollar, emerging markets still looking wobbly and China’s credit crunch all encouraging safe haven buying, but watch those charts.
Renewed interest may give traders the idea that this is a reversal of a trend, but it’s too early to say, according to Saxo Bank’s Yaser Rawashdeh, because the trend is too short.
A lot depends on the figures this week from the US, which will reflect the Fed’s tapering policy. However, overall all the indicators remain in Gold’s favour.
On Crude, a weakened USD and geo-political changes, notably Libya and South Sudan, are keeping the crude price moving.
However, oversupply in China is also resulting in capping prices. Weather conditions in the US are another temporary factor.
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