Gold price Consolidates As Chinese Lunar New Year Begins

London (Feb 16)  Gold looks a little tired here after moving to our first pivot target of $1,357. With the start of the Chinese Lunar New Year, volumes will drop dramatically and traders will want to watch the dollar, particularly against the euro, where overnight the rate broke up through 1.25 euro/dollar but has subsequently settled back below the figure. Prefer to take profits on the recent run and re-engage against a break above the $1,365 level. The U.S. holiday Monday will also create diminished volume and traders may flatten their books ahead of the weekend.

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