INTERNATIONAL COMMODITY NEWS :
Gold prices edged higher in Asia on Wednesday as investors tread carefully ahead of a Federal Reserve review of monetary policy that may signal a rate rise ahead. On the Comex division of the New York Mercantile Exchange, gold prices for April delivery edged up 0.07% to $1,149.00 a troy ounce. Overnight, gold plummeted to $1,141.60 early in U.S. morning trading, its lowest level since early-November, before moving up to near $1,160 in less than an hour. Prices for gold futures plunged to a four-month low, ending a three-day winning streak, as investors unloaded their holdings of the precious metal in advance of Wednesday’s critical Federal Open Market Committee meeting. The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year.
TRADING STRATEGY :
BUY GOLD ABOVE 1157 TARGET 1162 1168 SL 1151
SELL GOLD BELOW 1146.50 TARGET 1141.50 1135.50 SL 1152.50
Gold prices edged higher in Asia on Wednesday as investors tread carefully ahead of a Federal Reserve review of monetary policy that may signal a rate rise ahead. On the Comex division of the New York Mercantile Exchange, gold prices for April delivery edged up 0.07% to $1,149.00 a troy ounce. Overnight, gold plummeted to $1,141.60 early in U.S. morning trading, its lowest level since early-November, before moving up to near $1,160 in less than an hour. Prices for gold futures plunged to a four-month low, ending a three-day winning streak, as investors unloaded their holdings of the precious metal in advance of Wednesday’s critical Federal Open Market Committee meeting. The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year.
TRADING STRATEGY :
BUY GOLD ABOVE 1157 TARGET 1162 1168 SL 1151
SELL GOLD BELOW 1146.50 TARGET 1141.50 1135.50 SL 1152.50
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