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Gold has broken a key psychological $1300 level and technical buying was very impressive last night on the dip.
Gold bull market will be supported by never ending geopolitical tension as North korea is moving to be a nuclear power and the USA can not risk destruction of its allies in the region if she has gone into war with North korea.
I am looking for the break of the $1336-$1342 level tonight that was broken last April.
North Korea is believed to do a nuclear test on the 9th of September.
The debt ceiling saga will be at the end of the month.
The magnitude of destruction in Texas secondary to Harvey , is yet to be felt in the economic data released next month.
It looks like the traders are giving up on the USA dollar and the market is looking for a correction.
Gold will shine and tonight is the day and onwards.
My thoughts.
Sydney.
