Buy on a level breakthrough of 1104 with 1116 target. Stop loss = 1094.
Reason for the trading strategy
Yesterday's US macroeconomic statistics was ambiguous. In July, the business activity index in the US service sector grew from 54.8 p. to 55.2 p., and the consumer confidence index fell from 99.8 p. to 90.9 p. The latter figure indicates a decrease in consumer spending of the US households. If today's US Federal Reserve rhetoric is soft, the price of gold can be fixed above the level of $1104.
Reason for the trading strategy
Yesterday's US macroeconomic statistics was ambiguous. In July, the business activity index in the US service sector grew from 54.8 p. to 55.2 p., and the consumer confidence index fell from 99.8 p. to 90.9 p. The latter figure indicates a decrease in consumer spending of the US households. If today's US Federal Reserve rhetoric is soft, the price of gold can be fixed above the level of $1104.
GOLD: consolidation in the range of 1092 - 1104 dollars
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