Gold prices are set to rise above $1980.00 during the European session. This is because the US Dollar Index hits weekly lows, which are expected to continue on a bearish trajectory.
Fed policymakers are advocating a pause in the June monetary policy meeting due to continued contraction in US manufacturing activity. Gold price broke a downward sloping trendline from the all-time high of $2,079 and is stronger to break above horizontal resistance from the May 19 high at $1,984. A Bull cross, represented by the 89 EMA at $1,965, favors the uptrend more.