Spreadex Market Update
Asian equities decline
While printing fresh lows at around $1,321 last night on the CME, gold has found some support this morning. The yellow metal is currently holding above $1,350 at $1,375.
At some point gold could well be subjected to participants looking to own gold at cheaper levels than over the last few months. But, critically, calling the bottom on any such process is hazardous at best; large buyers, if there are any, are likely to allow forced sellers to damage the price as much as possible before entering orders. If upside momentum can be found in the price this morning, buying could be further induced. But don’t be fooled, this is a particularly dangerous market currently.
Meanwhile, European equities have opened in sympathy with overnight sentiment, that is to say they’re lower. The FTSE 100 finds support over 6,300 at present. Sterling trades at $1.5295. Traders will have plenty to sink their teeth into today, as several key data points are released.
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