Gold saw a sharp sell off at the open of the Asian markets last night, dropping $20 on the news that President Obama is going to seek Congress approval before any military action in Syria.
However, the market swiftly bounced back to trade near Friday's close at 1393, highlighting the dangers of holding open positions over a weekend perfectly. Oil also sold off sharply and was $3 down at one point before rebounding to virtually unchanged.
Today will most likely be a quiet trading day with US markets closed for Labor Day, though we expect the general up trend to remain dominant and would view any dips as buying opportunities.
Equities have recovered sharply following last week's Syria-influenced declines and look set to rise in coming weeks.
This week sees the release of the critical Non Farm Payrolls number on Friday that could confirm the date for QE tapering to commence. The markets have widely priced in a start to tapering this month and any delay would give gold a temporary boost, though the effect would most likely be short-lived as it is clear that tapering will happen at some point this year, barring an economic disaster.
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Gold Market Update: Buying Opportunities In The Dips
Published 09/02/2013, 07:43 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: Buying Opportunities In The Dips
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