Previous week had a number of interesting news when financial markets and monetary policies of central banks were in question. Inflation in the US is slowing down, which is positive news for markets and, at the same time, the Fed shortly halted further rate increases, with a promise for two more hikes till the end of this year. The USD lost some of its value, as investors are still digesting the news over potential further monetary moves. However, Gold was modestly lagging behind the news, moving in a relatively short range during the week.
The price of Gold was moving in a range between $1.967 down to $1.927. It looks like that during the whole week the equity market was in the sole spotlight of investors, and that the Gold was postponed for the coming period. Selling orders were prevalent on the market during the whole week, in which sense, the resistance line at $1.970 still represents a huge challenge for the price of gold. RSI continues to move modestly below level of 50, which indicates that the market is still not ready for the move toward the overbought side. Moving average of 50 days continues to move as a parallel line to its MA200 counterpart.
As per current charts, the struggle around the $1.970 resistance line will continue also in the week ahead. At the same time, prevalent selling orders might push the price toward the $1.930 for one more time.
Important news to watch during the week ahead are:
USD: Building permits for May, Fed Chair Powell Testimony is scheduled for June 21st
The price of Gold was moving in a range between $1.967 down to $1.927. It looks like that during the whole week the equity market was in the sole spotlight of investors, and that the Gold was postponed for the coming period. Selling orders were prevalent on the market during the whole week, in which sense, the resistance line at $1.970 still represents a huge challenge for the price of gold. RSI continues to move modestly below level of 50, which indicates that the market is still not ready for the move toward the overbought side. Moving average of 50 days continues to move as a parallel line to its MA200 counterpart.
As per current charts, the struggle around the $1.970 resistance line will continue also in the week ahead. At the same time, prevalent selling orders might push the price toward the $1.930 for one more time.
Important news to watch during the week ahead are:
USD: Building permits for May, Fed Chair Powell Testimony is scheduled for June 21st
