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It has been a confusing start to the year for equity traders as the markets have looked to unwind some of the aggressive rally that indices enjoyed in the last two weeks of the year.
This rebalancing of the books has coincided with a number of the voting Federal Open Market Committee members being given platforms to discuss their hawkish outlooks. Today will see both Richard Fisher and Charles Plosser speaking, and both will be expected to endorse an increase to the current tapering of the US debt purchasing scheme.
Also adding to the confusing picture in the US are last week’s non-farm payroll figures. These had a particularly low turnout and look set to suffer a sizable correction when they are revised later in the month.
As Brenda Kelly has pointed out, from a technical view point gold’s price has now comfortably broken through the 50-day moving average, and the precious metal’s ability to close above $1241 for consecutive days hints towards it heading higher still.