08 Nov Friday View

U.S. economy expanded at better than expected pace of 2.8 % than of expected 2.0 %, Euro surprisingly cut down its interest rate by 25 bps to 0.25 % from 5.0 %. Well, that was not absolutely a surprise, last Thursday's data had showed that the Eurozone inflation fell to 0.7 % in October, way under the ECB's target of below 2.0 %, there was another reason for ECB to slice down the rate, Unemployment, that was still at record high in September.

Gold  price was volatile during these data announcements and traded high of 31948 (USD 1325) to a low of 31249 (USD 1296) but neither of these levels gave up and the price is still within the range trading currently at around 31562 (USD 1309). In between 31948 (USD 1325) and 32149 (USD 1296) a swing trading strategy could be applied :)