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Gold trading at $1667.79

Gold prices remain entrenched within the recently traded range, with a near-term tone now being aligned towards the downside. According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “Yesterday’s price action culminated in a repeated failure at the range top / base of daily kumo at 1684, with the revised range floor at 1666 being cracked, which we see as a sign that the downside is more vulnerable.”

Moreover, “Negative hourly and prices below the 4h EMA’s are accompanied with 4h indicators attempting below the midlines. We see increased risk of a fresh attack at the 1666/62 lows, below which would signal a completion of the near-term recovery phase from 1651 (28 January low) – yesterday’s outside day candle supports the notion.” Drvenica affirms. At the time of writing the price of gold has settled at USD $1667.79 Friday, having pulled back recently.

Forex: GBP/USD extends gains to November low, 1.5829

The British Pound is showing signs of strength as the week ends with the 1.5800 mark back to play and an extension higher with a little help of US money flows. The GBP/USD is rising at the moment, past the previous high made ahead of US trade deficit data, at 1.5820. The market has reached November low of 1.5829 and is looking at 1.5870 (February opening price) and 1.5879 (February high).
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EU reaches budget agreement for next 7 years

The President of the European Council, Herman Van Rompuy, announced Friday that the 27 members of the European Union have reached agreement on the EU budget framework for the next seven years.
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