Commodity Spotlight
The sharp decline in equity markets which have encouraged further safe-haven attention continues to grant a false lifeline to Gold bulls who have found it increasingly difficult to break above the $1110 resistance. Despite Fridays unexpectedly soft retail sales which weakened the USD and consequently sent Gold prices surging, this commodity remains fundamentally bearish in the bigger picture. The impressive US jobs report for December combined with more recent upbeats comments from senior spokespeople of the FED suggesting that US rates could be increased again this year should encourage bearish investors to send prices lower.Forex Bonus is free. From a technical standpoint a daily close back below $1075 should open a path towards $1060.
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