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Aussie supported by gold prices

Wednesday, Jan 11 2017
Aussie supported by gold prices

There were no data releases from Australia today. Aussie continues being supported by the gold prices rise. Gold prices continued to move higher, as has been the trend this week as the global risks continued to dominate the headlines across the markets. The market is a bit tense about the new administration taking over in the US as it does not know what to expect from him. It hopes that he is not as harsh as he was during the campaign and also hopes that he mellows down on some of his political stances that he had taken during his campaign trail. It would be good for the trade in general if this happens. But so far, there has not been much on that front and it remains to be seen on how he is going to go about his job.

 

There is also the risk around the Brexit process which still remains as risky and as confusing as ever. Such global risks lead to the flow of funds from the risky assets like the stocks to safe assets like gold and this is what we have been seeing over the past week. But gold is likely to reach a crucial point near 1200 pretty soon and the price action here will be the key to determine its short term and medium term trend. We continue to believe that this move up from gold is merely a correction of the downtrend and the downtrend is likely to regain strength once the dollar begins to find its feet again.

Source: FxEmpire.com

Last modified on Wednesday, 11 January 2017
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