Risk off rallies in Gold futures targeting 1306, fed minutes eyed

It was quite a busy month of october with a lot happening around the world whether there are talks of supply cut of crude oil or us election vote prediction.

But In this risk of rallies us dollar bears and gold future has benefited the most but as we all know that three day federation meeting is about to finish today and focus is once again shifted on rate hike and uncertainty of us election and crude bearish rally would put a lot of thinking and I would expect these risk off rallies might continue till the us voting.

Speaking of gold futures bulls make a clear breakout and retest of 1274 area and retest of area with strong bullish momentum once again put bulls in charge for a test of 1306 level and I would recommend to put stops close as possible and use adequate money management in order to trade correction or reversals.

Trading would remain volatile as we are approaching Us election next week and investors and speculators will keep shifting their positions in this risk-off rallies as crude oil supply cut talks are in the news as well and meeting on 30th November will decide if there would be a supply cut of 4% set initially but there would be a lot of amendments can be made as Iran and Iraq are all set to enter oil markets with much cheaper crude prices and lot of consumers who are using high volume of crude have shown interest to get supply from much cheaper suppliers.