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.
October 27, 2016 Sterling falls notwithstanding UK GDP
On Thursday, the British pound sagged against the greenback, notwithstanding data on third quarter growth showing that Britain’s economy shrugged off the immediate shock of the Brexit referendum...
October 27, 2016 Dollar falters but strength remains ahead of jam-packed week
The US dollar has taken a bit of a breather this week as it consolidates its recent gains ahead of major economic data and events in coming days. For around a month, the greenback has been on an exceptionally sharp incline as expectations for a Federal Reserve rate hike this year have progressively increased...
October 27, 2016 Oil slides on OPEC uncertainty
WTI Crude received a pummelling on Tuesday with prices sinking below $49.50 after reports displayed an inflated rise in U.S inventories which revived concerns over the excessive oversupply in the markets...
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