Daily Resources Overview
Taking markets by surprise, Donald Trump announced on Friday that he will be imposing new tariffs on goods imported from Mexico. This in addition to his earlier actions in which he raised tariffs; on certain items that the United States imports from China from 10% to 25%.
This action, coupled with higher tariffs announced earlier this month has certainly rattled the markets. The repercussions of this announcement have sent shockwaves across a wide spectrum of financial markets.
The gold market bulls gained steam in late trading early Friday afternoon, and hit a six-week high. Importantly, prices today closed at technically bullish weekly and monthly high closes. Prices today also closed well above the psychologically important $1,300.00 level. Indeed, the bulls have momentum to suggest there will be some decent follow-through buying interest early next week. The next upside price target for the now-confident bulls is technical resistance at $1,320.00.
With the oversea equities markets already closed for the weekend we could see a tremendous cascading effect in global equities when they open for trading next week