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  1. #91
    Gold prices on Comex bounced back on the early Asian hours, extending its overnight recovery path from weekly lows reached at 1181.60 reached on Monday.

    Currently, gold trades 0.20% higher at 1186.50, attempting to regain 1190 levels. Gold prices inched higher mainly as traders resorted to profit taking on their gold shorts after recent weakness. Moreover, impending Greek talks after a failed outcome from Euro group meeting also keeps the safe haven appeal in gold boosted.

    Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades flat a t94.50. a weaker US dollar priced in commodities cheaper for holders in foreign currencies.

    While, traders await the June manufacturing PMI for China which will hit the wires shortly, followed by similar indices for the euro area and the US where even more attention will be paid to the update on durable goods orders.

    The metal has a immediate resistance at 1188.80meanwhile support stands at 1181.60 below which doors could open for 1179.10.

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  3. #92
    Senior Trader
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    Apr 2014
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    Given the macroeconomic backdrop and acknowledging the persistent headwinds to gold prices of late, Bank of America Merrill Lynch is reducing average 2015 forecasts by 6.8% to $1122/oz: gold should fall below $1000/oz in 2016.

    Continued hawkish comments from the Fed against falling inflation are banks most notable concern. In fact, the combination of higher nominal opportunity cost and lack of inflation has hardly ever been bullish in the past 40 years.

    Having said that, BofA Merrill Lynch believes that gold should stabilizes when inflation picks up, which is one reason that we maintain an average forecast of $1250/oz in 4Q16, when US CPI is set to extend by 2.1% YoY.

    Forecast: Rising US rates, but falling inflation is bearish near term.

    Gold prices are largely influenced by four macroeconomic indicators, with USD and real interest rates statistically the most significant drivers.

    While tighter US monetary policy is bearish for gold near term, against the backdrop of subdued inflationary pressure, BofA Merrill Lynch believes a hawkish Fed exacerbates headwinds to the precious metals also through exchange rates.

    Monetary policy differentials between Europe and the US are one of the reasons that FX strategies expect EUR to trade at parity against USD by year-end.

  4. #93
    Senior Trader
    Join Date
    Mar 2015
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    Gold metal is my most favorite trading instrument for scalping trading! Yes, I get my TP levels so quickly when I use this volatile metal! On the other hand, I am too much sincere to filter my entry quality because I need to standard SL point here too! Last night, I made 96 pips profit here buying from 1247.19 point, and interesting point is I got my TP without just 2 hours!

  5. ARIONFORXtarder

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