GOLD: under pressure before J.Yellen speech

July 15, 2015

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.

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