Gold Attempts A Recovery After Its Worst Day In Almost Six Weeks

(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas releases market commentary from Michael Brown Senior Research Strategist at Pepperstone.

The yellow metal is attempting to stage a modest recovery this morning, having begun the week with its worst day in almost six weeks, and having notched a second straight daily decline. It seems that this retracement could well be the first sign of gold's traditional fundamental relationships re-asserting themselves, with Treasuries trading softer across the curve, and the dollar broadly firmer vs. most G10 peers. The lack of any haven demand amid escalating tensions in the Middle East is also something of a warning sign to goldbugs. Given the momentum-driven nature of the recent gains seen across the precious metals space, any pullback could have significant room to run to the downside, particularly if weaker longs begin to get flushed out. Friday's US labour market report stands as the key event for participants to navigate, given the FOMC's focus on the employment side of the dual mandate, and with the likelihood that a softer-than-expected report would lead markets to once more go all-in on the idea of a second straight 50bp cut.

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