Watching recent gold activities has been a lot like a rollercoaster lately; it’s been unstable to say the least. We’ve seen gold climb to $2735.05 CAD, up $132.53 in just over a week. And shortly after we see a huge correction where gold dropped to $2568.75 CAD in the following few days. And with upcoming events, it looks like there’s more instability to come.
There’s lots to look out for in the coming weeks that will affect gold prices – comments by the Fed Chair on Thursday in regards to the central bank’s policies, the assessment of the equity market, and the U.S elections in November. All these events will see gold prices fluctuating as it comes out.
Another good data point to watch for instability is the unemployment rate. The worse the unemployment, the more like it is that the governments will pump more money into the economy to boost it, which would have a positive effect on gold. And with these numbers set to release next week, you can bet that it will have an impact on gold prices.