Friday’s impressive bullish session for gold trading has continued at the open this morning as the yellow metal broke through 1400 USD an ounce earlier.
It was quite a drastic move seeing that Gold traded 50 dollars lower on Tuesday last week and even more impressive as been the silver price which is up to 24.25 USD an ounce, up close to 9% from early last week.
The Australian dollar has been a lot steadier compared to the precious metals sitting at 90.3 US cents, staying within range of where it traded from most of the US session on Friday.
The trading week has already started with Trade Balance data from New Zealand which showed imports on the rise and quite a large trade deficit of 774 million for the month.
The release is helping the Aussie re-test highs from Friday's session, now at 1.157 NZD, which is 20 pips lower than the high that was reached.
With a bank holiday in the UK and no other economic news releases today a lot of focus will remain on the Asian equity exchanges today, especially after last week’s emerging markets battering.
Later tonight from the States we have durable goods orders, with an uptick in new purchase orders placed with manufacturers for the month.
Joel Murphy
www.pepperstone.com
