Sell on a level breakthrough of 1147 with 1131 target. Stop loss = 1160.
Reason for the trading strategy
Despite the June decline of 0.3% (m/m) in the US retail sales, gold prices remain under pressure. Today, the publication of the volume of industrial production in the US and the speech given by chairman of the US Federal Reserve J.Yellen may support the world's reserve currency. Any hints on the timing of tightening of the US interest rate policy could provoke a sharp increase in volatility in the precious metals market.
February 24, 2017 Oil prices slightly grew
Brent oil prices extended their recovery in the Asian session on Thursday. Buyers led the price higher and broke 56.50 dollars per barrel in the early European morning...
February 24, 2017 Dollar drifts on Fed's lack of optimism
FOMC February meeting minutes released on Wednesday failed to provide support for the bulls to manage a sustainable breakout above 101.50...
February 24, 2017 Can gold continue post Fed rally?
Gold jumped to a 3 month high today, snapping a 3-day losing streak today after traders digested yesterday’s minutes meeting from the US Federal Reserve...
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