Gold edges above $2,350

On a normal day the US stock markets would just be reopening for live trade, but of course today is a US public holiday (Memorial Day) and so all the stock markets are closed. The US equity futures prices are not doing very much either right now and not much removed from earlier on in terms of pricing the opening for tomorrow. What is moving though is the Pound. The pervious update looked at the EUR/GBP and the chance of that falling below the 0.8500 handle, which it has now done. What else is moving right now is Gold. That has just hit a session high above $2,350 as it continues to try and recover more of the more than $100 it lost last week, from the record high at $2,450.07. At this stage though that rebound this afternoon does continue to look corrective to that fall and not dynamic in terms of another leg higher to set fresh records. That might change of course, but with US yields set to potentially press higher tomorrow, when the bond markets reopen, it does look doubtful. Gold is currently trading at $2,350.50