Energies
Prices of gold continue to rise with the growing fear of a global recession. Investors are seeking the safe haven to hedge against the risks of economic downturn. The precious metal broke above the $3,290 level and potentially heading for $3,300.
Despite the overbought signal from the Relative strength Index, gold shows willingness to continue further.
CPI numbers in Canada came lower than expected yesterday, pushing the USDCAD to 1.3977. Minor downward correction occurred afterwards as RSI cooled down and exited overbought territory.
This morning, CPI numbers came out from the UK signaling cooler inflation than expected. The news put pressure on the Sterling Pound. GBPUSD fell shortly after the numbers were published.
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