The early October thru early December period has historically been bullish for gold. The chart below shows the gold performance over the past several years, ex 2008:
The 1800 level has represented the high for over a year. I had initially expected a correction late last month as a result of extended speculative positioning, but there appears to be a strong underlying bid at the moment.
- ECB & BoE both kept policy unchanged as expected
- The risks surrounding the economic outlook for the euro area continue to be on the downside
- It is thus essential that the resilience of banks continues to be strengthened where needed.
- No discussion of a rate cut, and no vote
- Fri: US Employment, CA Employment
- Mon: Sentix Investor Confidence, AU Business Confidence
- Tues: Japan Eco Watchers Survey, Alcoa kicks off US earnings season