GOLD: Still in the same range as we’ve held for the last fortnight, but now testing trend line resistance. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

GOLD SHORT TERM TRADER: Short at 1195; stop above 1220. First target 1160.

GOLD POSITION TAKER: Square

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Challenging times in retail Says Sir Charlie Mayfield

Interviewed on BBC Radio 4 this morning head of (now rebranded) John Lewis & Partners explained that underlying profits had fallen in the half-year to June by 99 per cent to £1.2 million; department stores made a £19.3 million loss. The fiercest discounting on the High Street in a decade meant they had to price match to live up to their ‘never knowingly undersold’ motto. Sir Charlie added,

“We’re continuing to improve our offer for customers ensuring we have the financial strength to continue developing our business going forward’’.

Both the Bank of England and the ECB meet today and, while they’re not expected to hike interest rates, their comments and suggestions will be closely scrutinised.

Financial Markets and Political Commentary

 

 

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