INTERNATIONAL COMMODITY NEWS :
Gold prices eased on Thursday in Asia as the Federal Reserve’s outlook on rates weighed, though support on holiday demand remained. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,190.20 a troy ounce, down 0.36%, after hitting an overnight session low of $1,191.00 and off a high of $1,203.00.Overnight, gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve’s statement on monetary policy later in the session. The Federal Reserve is not seen raising interest rates until 2015, but many investors bet Wednesday’s statement will scrap language suggesting that borrowing costs will remain low for a considerable amount of time. Expectations for more hawkish language supported the greenback, which tends to trade inversely with gold.
TRADING STRATEGY :
BUY GOLD ABOVE 1203 TARGET 1208 1214 SL 1197
SELL GOLD BELOW 1192.5 TARGET 1187.5 1182.5 SL 1196.5
Gold prices eased on Thursday in Asia as the Federal Reserve’s outlook on rates weighed, though support on holiday demand remained. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,190.20 a troy ounce, down 0.36%, after hitting an overnight session low of $1,191.00 and off a high of $1,203.00.Overnight, gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve’s statement on monetary policy later in the session. The Federal Reserve is not seen raising interest rates until 2015, but many investors bet Wednesday’s statement will scrap language suggesting that borrowing costs will remain low for a considerable amount of time. Expectations for more hawkish language supported the greenback, which tends to trade inversely with gold.
TRADING STRATEGY :
BUY GOLD ABOVE 1203 TARGET 1208 1214 SL 1197
SELL GOLD BELOW 1192.5 TARGET 1187.5 1182.5 SL 1196.5
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