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FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
UPDATE-We have Trailed our stop loss At $1540 hence locking our profit within the Gold Latest trading Position(Long entered at 1515). We would recommend our clients to do the same. Gold and silver prices are lower and nearer their daily lows in midday U.S. futures trading Wednesday after both metals spiked higher overnight following an Iranian missile strike near U.S. troops in Iraq. February gold futures hit a nearly seven-year high of $1,613.30 overnight, while silver scored a more-than-three-month high of $18.895. February gold futures were last down $12.70 an ounce at 1,561.70. March Comex silver prices were last down $0.168 at $18.225 an ounce.

Global markets that were open Tuesday evening U.S. time were rocked when Iran launched at least a dozen missiles at military bases in Iraq where U.S. troops were stationed. Iran immediately claimed responsibility for the attacks, which is called “hard revenge” for the U.S. killing of its leading military general last week. There were no U.S. casualties. President Trump tweeted “all is well” and said in a speech Wednesday that Iran is “standing down.” It appears Iran did not want to kill Americans which would then likely see a massive U.S. retaliation. Military analysts believe Iran’s missiles are accurate enough to have inflicted more loss of human life if that’s what Iran’s leaders wanted.

As the gold market sold off amid Trump’s speech Wednesday, U.S. stock indexes rallied to session highs and the indexes are now back near their record highs and equity bulls again have upside momentum. Crude oil prices sold off on the U.S.-Iran stand-down and following a bearish weekly U.S. stockpiles report. Crude oil prices spiked to a nine-month high of $65.65, basis Nymex crude oil futures , overnight, but are presently trading sharply down, at around $60.00.

In other news Wednesday, the U.S. ADP national employment report for December came in stronger than expected, at up 220,000 jobs versus expectations for a rise of 150,000. The ADP report is a precursor to the more important jobs report from the Labor Department that is due out Friday morning.

Please note-Fresh geopolitical risks will be appropriately priced into relatively fairly priced havens (there’s a rethink around negatively yielding European debt undermining their safe haven role) and global markets are only fully 'back to school' next week


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