Record High for Gold, Natural Gas Soaring

The shiny metal today made a new record high at $2,555.16 , while now is down a few dollars from intraday high but is still advancing by 1.63%. XAU/USD made a breakout of a trading range that lasted twenty days and unless a reversal is seen, is likely to generate another bullish leg, in unchartered territory seeing the psychological level 2,600 as first relevant resistance. Risk appetite is on, and can be seen on other commodities, with Natural Gas Futures up by 4.71% at $2.37. Crude Oil gaining as well, trying to regain area $70, now at 69.13 up by 1.58%.

The financial community is discounting probably a more dovish tone that will emerge from next week FOMC meeting, where is expected a 25pb rate cut.