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Gold: December 16 review
The 17 months old trade dispute between world’s two leading economies, US-China trade deal, and phase 1 will over soon.
According to US trade representative, Robert Lightizer told last Sunday that the deal was “totally done” and no revision would be required for phase 1 deal. And we should expect double the US exports to China in next two years.
After this news, US president, Donald Trump tweeted that the phase 2 deal will start immediately rather than waiting until after the election 2020.
Global indices keep continue up trend again today also after positive sign of US-China trade deal last week. MSCI, globally world index made an all-time high on last Friday after the trade deal sign.
Earlier in Asia, all indices traded +1% up trend today.
The dollar index, March contract, which tracks the greenback against a basket of six major rivals, was down 0.17% at 96.590.
Investors will also keep an eye to several Fed officials’ comments in coming days which should give effect for future fed rate monitory policy decision.
The pound rallied again today also after major victory for conservative party in last week and it was given fastens reply for Brexit resolution.
The pound was traded $1.3370 range, up +0.34% and euro was traded $1.1148 range, up +0.23% against US dollar at early US hours.
By 10.15 AM GMT, Gold futures, February contract traded $1482.10 range, up +0.09%. Expectation of profit booking in hedge funds like Gold and silver today.
Before US open, for intraday and STBT strategy for Gold is given below.
Entry point – $1482.10- $1485.00 range
And keep R1 $1489.50
And wait S1 $1470.00
And wait S2 $1467.50
And wait S3 $1460.00
