The recent spate of back-to-back hurricanes in the US is expected to compound the economic damage of an already over-extended debt. As the stock market braces for a correction, traders are inclined to sell out of riskier stock markets and take refuge in safe havens like gold.
The last 3 days have been 'nosiy' in precious metals markets with gold swinging from the best day in 5 months to the worst day in 4 months and now to another high volume surge, breaking the barbarous relic back its 100-day moving-average...
It sems the 100DMA is a key level with heavy volume being used to push gold futures around it.
UBS asks "Is gold establishing a foundation for a rebound?"
Gold longs rebuild while shorts continue to hesitate
US equity futures were deleriously bid from the moment Europe opened overnight...
But as US equity cash markets opened, 'risk off' flows suddenly hit sending Yen, bonds, and gold kneejerking higher...
Submitted by iBankCoin.com
S&P 500 futures are higher, continuing on yesterday's momentum, after European and Asian shares also rose alongside a rebound in oil, as the year-end performance chase appears to be accelerating. There were several different moving parts in a mixed European session, in which early Euro strength gave way to weakness...
... which in turn pushed the Stoxx 600 and US index futures higher, rising above yesterday's session high on negligible volumes.