As we mentioned in yesterday’s technical review the pound is continuing to trade today within a narrow trading range and it will need something special to make the price break out.
There are rumors spreading that the prime minister of Spain is going to take over the government in Catalonia as early as tomorrow as the latter has refused to cancel an attempt to become independent and break off from Spain.
Its pretty amazing that just on the rumors the gold price isn’t higher as if this event happens, it will throw the Eurozone into turmoil and you can be sure investors will be looking for safe haven assets.
It might be a good time to take a long position in gold before the market closes for the weekend in readiness for this big event.
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Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
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