Gold futures continue to post gains with the short-term resistance at $1160 being broken. The next destination for gold prices is likely to be a retest of the 1200 pivot level. The commodity markets have managed to post a strong week of gains. Gold has been the major beneficiary as economic data from the US continued to disappoint expectations with weakness in the US Dollar further increased by dovish FOMC meeting minutes and concerns about the inflation outlook. The Federal Reserve held back from hiking rates in September and the latest Fed member to join the dovish camp was Fed's Tarullo who said that the Fed should not be hiking rates this year. Tarullo's comments come after Fed member Brainard said on Monday that the Fed should hold off rate hikes until there was more clarity from China and the risks of contagion.
Hawkish Expectations for UK Jobs Report
Daily Analysis - 14/10/2015