GOLD 18th July 2013 Gold trading below $1280 level after 1% drop in last session. While Federal Reserve Chairman Ben Bernanke confirmed there was no set timeline for pulling back U.S. stimulus program. In his semi-annual report to the U.S. House of Representatives` Financial Services Committee, Fed’s chairman Ben Bernanke said the central bank still expected to start scaling back its stimulus later in 2013, but left open the option of changing that plan if needed. Technically, Gold will remain in range between $1267 & $1285. In current picture, Selling is attractive below $1285 & expected prices to drop below $1250 again. Direction will change as $1300 level breaks and will give favor towards $1312 & $1324. Bernanke is expected to testify before the Senate Banking Committee later on Thursday, analysts said he is likely to stick to the theme laid out on Wednesday. According to Fed’s Beige Book business survey, the U.S. economy grew at a “modest to moderate” in recent weeks, boosted by housing and manufacturing industries, while Hiring held steady or increased at a measured pace in most Districts. Policy makers projected that economic growth would pick up in coming quarters, resulting in gradual progress toward the levels of unemployment and inflation consistent with the Federal Reserve’s statutory mandate. On Wednesday, the International Monetary Fund (IMF) noted that risks are increasing for Chinese economic growth this year, while it warned that policy makers must urgently address imbalances in the economy.
Posted on: Thu, 18 Jul 2013 08:27:57 +0000