Sentiment has seen a slight improvement to start the week helping risk assets rise. Safe havens on the other hand are experiencing a pullback. Given the risks ahead will the moves prove sustainable?
On Friday the S&P had lost around 10% from the July high which is key as a dop of 10% in equity markets is usually viewed as a correction. Buying pressure has returned since but whether or not it will be sustainable will be something to watch as the week unfolds.Form a technical perspective, the S&P failed to reach the 4000 mark as discussed last week with a pullback today. However, we are seeing a bit of selling pressure returns as we head deeper into the US session.
As mentioned, we are seeing a slight improvement in sentiment to start the week which has seen Gold flirt with the $2000 mark. If the bullish rally is to continue, we do need acceptance above the $2000 mark. The situation in the Middle East remains the key driver for Goldahead of the FOMC meeting on Wednesday and without any surprise from the Fed could continue to drive prices for the foreseeable future.
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