Gold and Silver have enjoyed decent rallies at the back end of last week with Gold in particular continuing to rally yesterday. An improvement in sentiment weighed on the US Dollar helping Gold run toward a key resistance area between the $1926-$1929 area as markets await a batch of key data from the US in particular.
As Gold looks to continue its recent run China did provide some form of stimulus yesterday as they asked some funds to evade net equity sales to boost the market. This was followed up this morning with news and rumors that China is weighing up a further cut to deposit rates in a further bid to boost growth and alleviate pressure.
Market participants seem to be appeased for now at least as we have seen more positive sentiment this week which has weighed on the US Dollar. This in return has allowed Gold to maintain momentum while allowing Silver to hold the high ground.
The US is back with a host of data releases which could have a significant impact on commodities. The Fed are still sticking to data dependent rhetoric and this week’s key releases could give us a clearer sign of what to expect from the Federal Reserve’s September meeting.
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