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metals

It’s been another solid week for the precious metal. Gold has broken higher into levels not seen since early 2013. However, there has been some volatility.

Earlier in the week, prices crashed lower from testing the long term 1522.75 level. This came as the US Treasury Dept issued a statement highlighting that some of the goods due to be under new the new 10% tariffs from September 1st, would now be exempt until December 15th. The news caught the market off guard, causing a wave of relief across asset markets. It also sent equities surging higher and safe havens tumbling lower.

TradingGold

However, the optimism around the announcement was short-lived. Equities soon returned to trading to the downside as the market focus shifted towards growing fears of a global recession.

Earlier in the week, data out of the eurozone showed German GDP contracting in Q2. This put the second-largest economy in the eurozone on the brink of recession for the first time in a decade. This comes on the back of a raft of ...


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