INTERNATIONAL COMMODITY NEWS :
Gold remained in positive territory on Thursday, as concerns over Greece’s debt woes intensified after Germany rejected a proposed bailout extension request from the Athens. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce during U.S. morning hours after hitting a session high of $1,222.90. A day earlier, gold fell to $1,197.20, the lowest level since January 5, before settling at $1,200.20, down $8.40, or 0.7%. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was “not a substantial proposal for a solution” and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.
TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1218 SL 1202
SELL GOLD BELOW 1202 TARGET 1195 SL 1210
Gold remained in positive territory on Thursday, as concerns over Greece’s debt woes intensified after Germany rejected a proposed bailout extension request from the Athens. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce during U.S. morning hours after hitting a session high of $1,222.90. A day earlier, gold fell to $1,197.20, the lowest level since January 5, before settling at $1,200.20, down $8.40, or 0.7%. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was “not a substantial proposal for a solution” and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.
TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1218 SL 1202
SELL GOLD BELOW 1202 TARGET 1195 SL 1210
