Marex Spectron Bullion Thoughts

Gold doesn’t seem to really be reacting to anything much at the moment with the exception of the dollar. This remains weak and keeps gold supported. Even the US government shutdown didn’t seem to really have much effect on the gold price, unlike the last time and a threat of instability in Europe over the weekend had no impact either. The market needs some sort of fresh impetus in the form of dollar moves or news to give it direction. In the meantime, I stand by what I said last week. It still feels tired and unless the dollar moves sharply lower, I think we see precious lower.

This week sees the movers and shakers of world politics and economics converge on Davos to put the wrongs of the world to right…..well that’s their story anyway. Keep an eye out for any exciting announcements out of there, but don’t hold your breath for anything riveting!! 

Today sees nothing in the way of interesting figures, so I expect a quiet one.