The spot Gold market moved lower again today as it continued the sell-off from Wednesday’s bearish pin bar at key $1,424.00 resistance which we discussed in Wednesday’s members commentary. The dominant daily chart trend is still up overall, so any further losses could be limited to the support layer between about $1,380.00 – $1350.00 next week. Traders can watch for price action buy signals as the market moves lower into support levels to trade back in-line with the uptrend from value.
View Fundamental Commentary & Upcoming Economic News ?Forex Commentary:
In the currency markets today, the U.S. dollar gained ground against most of the other major currencies as the possibility of a U.S. strike on Syria fueled more risk aversion. Expectations that the Federal Reserve Bank in the U.S. will begin tapering it’s stimulus program next month also contributed to greenback strength again today.
The dollar index gained about 0.9 percent on the week, its third consecutive weekly gain.
Other Markets:
In the U.S. markets today, stocks lost ground in what was a lightly traded session. Investors were nervous going into the long weekend and with tensions still rising between the U.S. and Syria.
The Dow lost 33.26 points, or 0.22 percent, the S&P 500 lost 5.40 points, or 0.33 percent, and the Nasdaq lost 30.44 points, or 0.84 percent.
Upcoming important economic announcements (New York time): 8/31/2013
9:00pm EST: China – Manufacturing PMI
9/1/2013
9:30pm EST: Australia – Building Approvals m/m
9/2/2013
4:30am EST: Britain – Manufacturing PMI
9:30pm EST: Australia – Retail Sales m/m
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