Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Safe havens are in demand this week that has already been rattled by another terrorist attack in London and a growing diplomatic rift in the Middle East. On Saturday, there has been a terrorist incident in London that killed seven people and injured almost 50 people. Three men rammed a van into the crowds in London Bridge and then came out of the vans yielding long knives and started stabbing people indiscriminately until they were shot down by police. This is the third terrorist incident that took place within a month in a country that is heading for quite an important election this week.
In a separate event, several Arab League members including Saudi Arabia, United Arab Emirates, Egypt, and Bahrain have severed their diplomatic ties with Qatar in response to the latter’s support for extremist groups, terrorism and meddling in the internal affairs of other countries. While Qatar citizen living in these countries have been given days to leave, the above countries have started denying Qatari vessels and jets access to the naval ports and airports.
These two events have pushed the demand for safe haven in the market. The yellow metal is up for a third consecutive week and now, testing a very important resistance line around $1280 area. Similarly, while yen has declined marginally, it is testing a very important resistance around 110 per dollar. We suspect further upside for the yen.
