Gold

The week has been an eye opener for market watchers, traders and investors alike. We’re at a crossroads. (Aren’t we always at a crossroad?) Australia is going to elections at the end of November on Saturday 24th. US elections are coming too but that’s next year. Billionaire investor George Soros is warning of an impending market correction. The US dollar is continuing to decline all the while oil and gold is seeing all time highs. There you have it, the five topics that have caught my eye in the past week: George Soros, elections, the US dollar, oil and gold.

Gold declines in Value by $20: There were no fundamentals related to the selling of gold, but gold dropped in price by US$20 an ounce to below $US550 in its biggest one-day decline in two years. Technically there could be more selling ahead as the bears take hold of the market. Support may be found once frech buying from gold believers set in. The gold price movement has consequences on the forex markets with the USD/CAD and AUD/USD are easily influenced by gold movements.