Marex Spectron Bullion Thoughts

And the fun continues. Friday and so far this week gold has managed to eke out a fourteen dollar range, even less than last week. This is the quietest period for the market that I can remember in a long time and it shows very little sign of changing. At least silver provided a little entertainment this week, with prices rising in tandem with industrial metals. Unfortunately, as is so often the way, a few people got overexcited near the top and we find ourselves once again watching stale longs wondering if they really should carry on momentum trading in markets that very clearly range trade. You can lead a horse to water and all that.

Today sees little in the way of economic releases, but is of course the start of the G7 meeting in Canada, or as the press have dubbed it, G6+1! This will probably result in very little of consequence but may be fun for a few headlines if the other leaders attempt to take on or gang up on Trump. Love him or hate him, he does love a scrap and they may find themselves biting off a bit more than your average politician can chew. Now, this will probably not impact gold directly, but it may well have some bearing on the dollar and thus the yellow metal. It might also influence industrial metals, if more is spoken about tariffs and therefore silver as well

All in all though, I doubt a great deal will happen there and if it does, it will more than likely be after markets have closed for the weekend. So I expect another quiet day, with some book squaring ahead of the weekend and the FOMC rate decision next week. Continue to trade the ranges in the absence of any fresh news.