10th October 2017

We had a very quiet day in the markets on Monday, with gold ending about $12/ounce higher vs. Friday’s close (although most of this advance set in over Friday’s after-hours session here in the US). Technicians were also encouraged by the fact that several of gold’s key moving average readings held, coupled with the fact that a significant reduction in fund length (now down for three straight weeks) suggests that fund money could now possibly start gravitating towards the long side. In addition, the fact that gold held onto its gains against a firmer dollar was also impressive; the greenback finished higher against the yen (as well as a general basket of currencies), although it did lose slight ground against both the Euro and sterling. Traders bid up the British currency on account of Prime Minister Theresa May beating back a leadership challenge and taking a somewhat harder line on the Brexit talks. More importantly, markets are revisiting the possibility that the Bank of England may move on rates perhaps as early as next month given rising inflation and wage pressures.

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