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Trade idea: Short gold on US tensions
Clive Lambert from FuturesTechs is looking to short gold; the commodity dropped off the back of the news that Federal Reserve Vice Chair Janet Yellen will be nominated as the next chief of the US central bank.
Yellen is expected to continue the Fed's asset-buying programme, which has pressured the dollar.
Analysts believe gold is expected to extend losses into 2014 amid expectations the Federal Reserve will roll back stimulus as the US recovers.
Clive says he traded gold yesterday, and that it broke at the 1315 level. This is why he is looking to short it again around 1305 - 1310. His target is 1277, which is the 2nd October low.
The US congress faces a deadline on 17 October to increase the USD 16.7 trillion borrowing limit to avert the risk of a default on US debt.
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00:49 minutes
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