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Several key geopolitical events this weekend that should move markets Monday morning. Iran activated it's long delayed nuclear power plant this weekend...expectation had been for some possible Israeli resistance that has not (yet) developed. But still most investors (oil traders) were somewhat nervous going into the weekend. Now Sudan has announced their plans for nuclear energy. >>LINK Also news of Iran unveiling an unmanned 'drone' the same weekend was timely...hmmm? >>LINK
Australian Elections: the opposition Liberal coalition has captured 72 seats in the 150-seat Australian parliament while the incumbents in Labor only have 70. However, with five seats going to smaller parties, it looks impossible for either Labor or the Liberals to form a majority government. Keep an eye on the Australian Dollar, but that said there could be a move on the mining tax.
The fate of a proposed mining tax in Australia, the world’s biggest exporter of coal and iron ore, remains in doubt after no clear winner emerged from the weekend’s election, heightening uncertainty for investors. >>LINK ***Note, keep an eye on Itz Pix stock Walter Energy WLT, down from $80 resistance.
Bottom line, expect volatility in the Australian Dollar, also for gold, silver and the metal/ore miners over the next several days.
Interesting comments on Euro & gold from Ashraf Laidi, Chief Market Strategist at CMC Markets >>LINK
Week ahead for Oil & Gold