Spooked by headlines
The price of gold is trading near highs for the day and in the process is trading back above the 200 and 100 hour MAs aat $1401.49 and $1404.50 respectively. Stay above is more bullish.
The return of VP Pence to the White House continues to be downplayed by sources.
- It is not related to the health of the President
- It is not related to national security.
The Russian explanation for their defence meeting is to discuss the deaths from a fire on a Russian submarine.
In any case there is flights into safety flows:
- The JPY and CHF,
- Bond yields are lows for the day and
- Gold is up nicely.
The market may shooting before "seeing the white's of their eyes", but that is what the market does.
Plus technically, there have been some reasons to move.
