 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler. Today we're going to be having a look at gold. We have the Scottish referendum happening as we speak, Scottish voting, and tomorrow we will know the results. A lot of people are focusing on the British pound, looking at the stock markets, guilds perhaps. What I wanted to have a look at was gold. Just on the outside chance that there was a yes vote, that would create a certain degree of uncertainty in markets, and when there's uncertainty people tend to go to a safe area in the market, and the safest arguably is gold, and we want to see if there's any possibility gold can benefit from a yes vote from Scotland. Typically one of the reasons that investors will go into gold is as a safe haven in times of turmoil. We have seen various geopolitical events taking place this year, but having made a good run at the start of the year, gold is now actually trading back down at the lowest levels of the year, and there is a prospect of it making new lows for the year, making, no longer making a gains for the year, making losses for the year, and a chance that it will touch 1180, $1,180 per ounce, and this is despite the tensions that we've seen in Russia and in Iraq. Those things don't seem to be impacting the price of gold right now. What is, is a huge rally in the US dollar. Obviously gold is priced in US dollars as are most commodities, and we've seen a general collapse in commodity prices including oil, and as the Federal Reserve moves closer to raising interest rates as inflation increases, there's no longer a need for gold as an inflation hedge because the central bank are acting to counter the inflation, and prices of gold have been collapsing accordingly. Now let's have a look at the chart to examine the technical picture here. So as you can see from this daily candlestick chart, the 1280 level had been providing an interim type pivot point throughout a good chunk of the year as the precious metal traded sideways, but recently alongside this rally in the US dollar, we've seen prices break down through the 1240 mark. They've subsequently retested, and now we find ourselves back down at a potential support level based on the the highs formed in December last year, and the subsequent lows in January of last year when it was retesting that level, and so we could see a bounce from these levels. If not, the levels to consider beneath would be the 1200 round number as well as those multi-year lows at 1180 that we referenced. So should there be a yes vote and should gold benefit from that, this level that we're talking at at the moment, this sort of $1,219 per ounce could provide that support area for that move higher. And if you check this RSI, you see there's a declining trend line. A break above that would would help confirm a break and reversal in the downtrend. Okay, that's the end of this week's CMC Markets Commodity Snapshot. We were looking at gold. Let's see what happens with the Scottish referendum. The implications are going to be wider than just the gold market, but we could see a pop there should we get a surprise yes vote. But even in the longer term, any changes in the trend in the US dollar and reversal in expectations over the Federal Reserve monetary policy, and we could see this trend in gold reverse.