Quite a bit of volatility in the AUD and the Gold market today
At the start of the morning, about mid morning, both dived quite quickly like someone dumping.
AUD went straight down from 64c to 63.7c in matter of minutes, Gold dived from $3330 to $3274 in that hour or two
By afternoon, Gold is back to $3330 while AUD remains at 64c and a bit.
Gold was on course to $3500 until Bessent announced meeting up with the Chinese in Switzerland this weekend. Guess you have half of the people believing and feeling positive about a deal to be done, while the other does not think anything material would come out of it, other than perhaps a good start for more negotiations.
The whipsaw movements just reflect that the market can't figure out what and how it is all going to pan out. People want to generally feel positive, because they can see stability returning (at the surface at least), but you can't blame them for feeling very wary still.
