Gold bulls back in control and a break above 1338 targets 1342/43 then important trend line resistance at 1349/50. This is the most important resistance of the day as we become overbought short term. Try shorts with stops above 1353. A break higher is a buy signal however and targets 1358 then 1363/64.Failure to beat 1337/38 targets first support at 1330/29. This could hold the downside with bulls in control but below here look for a buying opportunity at 1324/23. Longs need stops below 1319.
China and Brexit pose risks to global growth
Global growth is likely to accelerate next year but the outlook is fraught with risks, particularly from big emerging market economies including China, and Britain’s decision to leave the EU, the European Central Bank said on Thursday.
Global growth will motor along but the recovery will be gradual and uneven with heightened uncertainty, even as the United States, the world’s biggest economy, is expected to recover,
“A key downside risk is a stronger slowdown in emerging markets, including China,”
“A tightening of financing conditions and an increase in political uncertainty could exacerbate existing macroeconomic imbalances, denting confidence and resulting in an unexpectedly strong slowdown.
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