Gold Rebound Tepid, GBP/USD Top Trade Opportunity Wednesday
Given the massive drop from gold Monday, we would expect a recovery move would cover significant ground as well. Yet, bulls roused limited thunder. Volatility and volume behind the precious metal still speak of fear; and the sting of a $200-plus, two-day tumble is still disorienting. Without a purely speculative drive to buy into a 'cheap' market, fundamentals could seal a permanent bear trend. Meanwhile, event risk is looking to throttle volatility into a breakout for GBPUSD and risk trends are threatening to catch traction for the yen crosses. We discuss these themes and more in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.