Wednesday, 2 December 2015

1pm update - a new low for Gold

As the Yellen continues to deliver her latest appraisal of the economy, the equity market has likely seen an intraday floor of sp'2093. A daily close in the 2100s looks probable. With the USD +0.4% in the DXY 100.20s, Gold has broken a new multi-year low of $1049. Oil remains similarly weak, -3.0% in the $40s.


GLD, monthly


*gold bugs are facing the same old problems, higher USD... and threat of higher rates.. pressuring down the price of the precious metals.

Naturally, the related mining stocks are under pressure, the ETF of GDX -3.2%

So... the 2090s are holding, and the market is arguably just consolidating before the next lurch higher. Tomorrow's ECB would be a valid excuse. If not.. there is always the monthly jobs data.

A weekly close in the 2110/20s looks probable.

meanwhile... the Yellen continues...

stay tuned