The last 24 hours has been fascinating on gold markets. DXY bounced a bit after a drop to 92.10. UJ had a reversal at 108.454 and climbed back to 108.957. But both UJ and DXY ran out of bounce and pulled back a bit. So Gold hit 1341.76 and then hovered sub 1340 as UJ and DXY bounced. Safe haven trade meant that US 10 yrs AND Gold went up in tandem. Now that is unusual since when capital is chasing yields gold and US bonds are competitors and are inversely correlated. The whole NK thing is upsetting that usual correlation. Expect some retrace after five days of higher highs and higher lows
Finally, check out the solid rise in gold is AUD - a great gift to our favourite Oz goldies! When gold goes above 1400 my frowning icon turns to a smile!!!! [Chart is 4 hr interval]
When gold goes above 1400 my frowning icon turns to a smile!!!! [Chart is 4 hr interval]
