Gold staged a solid rebound in US trade, with traders pointing to USD weakness. The 30-day correlation is still fairly low at 44%, someway below the 73% correlation we saw back in late October, however as we saw USD weakness overnight gold started moving higher. The downtrend drawn from the October 29 high has now been broken, while we've also seen a higher high, with the metal breaking above the recent consolidation. The fact US bond yields fell also supported price action.
Chris joined IG as a sales trader in 2006, having worked previously at Morgan Stanley, Credit Suisse and Merrill Lynch, gaining exposure to both equity and fixed income trading. After accruing 15 years' experience in financial markets, Chris...
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Probably a key barometer to watch as gold prices move in reaction to the upcoming Dec 17-18 US Fed meetings next week.