GOLD: Profit Taken On Short-Term Postion
Gold hit a near four week high early Monday, supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership. We took profit on our long position at 1280.00. We stay bullish in the long term.
It is a sign of the caution that permeates the global economic outlook when four of the world's top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs.
While the US Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are all dealing with varying amounts or shortages of inflation, none are expected to act ahead of one of the biggest risk events of 2016.
Britain's referendum on whether to remain in or leave the European Union has been creeping from the back to the front of investors' minds. During the last full week of campaigning before the June 23 vote, it may dominate most discussion.
Janet Yellen's Fed has spent most of the past month or so dropping hints that a summer rate hike was on the way. However, disappointing May hiring data and a UK vote that is too close in the polls to have confidence in the outcome have toned down her message, making a rate rise on June 15 now highly unlikely.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 893.92 tonnes on Friday, the highest since October 2013. Speculators raised their net long position in COMEX gold contracts in the week to June 7, and cut their bullish stance in silver, US Commodity Futures Trading Commission data showed.
Our long-term target is 1335.00. We have locked in profit at 1245.00
Sign up to forex, precious metals newsletter growthaces.com and start profiting from our trading signals.
It is a sign of the caution that permeates the global economic outlook when four of the world's top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs.
While the US Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are all dealing with varying amounts or shortages of inflation, none are expected to act ahead of one of the biggest risk events of 2016.
Britain's referendum on whether to remain in or leave the European Union has been creeping from the back to the front of investors' minds. During the last full week of campaigning before the June 23 vote, it may dominate most discussion.
Janet Yellen's Fed has spent most of the past month or so dropping hints that a summer rate hike was on the way. However, disappointing May hiring data and a UK vote that is too close in the polls to have confidence in the outcome have toned down her message, making a rate rise on June 15 now highly unlikely.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 893.92 tonnes on Friday, the highest since October 2013. Speculators raised their net long position in COMEX gold contracts in the week to June 7, and cut their bullish stance in silver, US Commodity Futures Trading Commission data showed.
Our long-term target is 1335.00. We have locked in profit at 1245.00
Sign up to forex, precious metals newsletter growthaces.com and start profiting from our trading signals.
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