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Gold daily update for 9th October 2017

BY DEB SHAW | 

After making its most recent bottom at $1,268 last Thursday, gold has been sharply rebounding. On Friday, gold strengthened following weak non-farm payroll figures and rumors regarding another North Korean missile test. Over the weekend, Trump tweeted the fact that talking to North Korea "hasn't worked" in the past, suggesting that "only one thing will work". While his intentions are unclear, rising political tensions can strengthen gold prices in the short-term. Given that the precious metal is strengthening in spite of rising bond yields, gold may be sending an important signal regarding future inflation. We recently covered our longer term outlook for gold given potential changes in inflation in a recent thought piece.  

After almost breaching oversold conditions last week, gold is currently trading within normal conditions based on technical indicators on a daily chart. After its most recent bottom close to $1,270, gold is now above $1,279. 

Updated 
Outlook
Bearish

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