Gold daily
You might expect gold to benefit from the global computer crash, but that’s not the case today. Commodities are suffering across the board due to profit-taking.
Gold is down about 2% and silver is down 3.3% after the breakout we had this week failed. Gold has now fallen for the week and if we end the week like this we will see a very worrying weekly candle.
Gold weekly
It’s hard to tie this to fundamentals, as the Wall Street Journal reported. writes today The Fed is due to cut interest rates in July. Falling behind the curve would lead to heavier cuts later and further dollar weakness – all of which would boost gold.
In other markets, there is a rise in yields, which is negative for gold, but by 4 to 5 basis points along the curve. The foreign exchange market is not doing much, but the dollar is generally stronger.
I think algorithms are broken today, which makes it difficult to read market movements.