Brent futures fell toward $61 per barrel on Wednesday, giving up some of the previous session’s gains, as the U.S. dollar held near its highest level in nearly nine years on strong data.The dollar index stayed close to its highest since April 2006 after a revised third-quarter U.S. gross domestic product report blew past expectations to register the fastest pace of growth in 11 years.A strong dollar makes commodities priced in the greenback expensive for holders of other currencies.Brent for February delivery dropped 28 cents to $61.41 by 0235 GMT after settling up $1.58 on Tuesday.U.S. crude fell 29 cents to $56.83 after settling $1.86 higher in the previous session.”It’s ironic. The U.S. economy is starting to boom and crude oil prices are contracting in the opposite direction,” said Ben Le Brun, market analyst at Sydney’s OptionsXpress.
TRADING STRATEGY :
BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280
SELL GOLD BELOW 1279 TARGET 1274 1268 SL 1285
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