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Gold Analysis, 15 June 2017

Gold Analysis, 15 June 2017

 

The yellow metal rose initially after the US inflation recorded the highest level in about a week at 1280, after the Federal Reserve's decision to raise interest rates by 25 basis points, from 1.00% to 1.25%, then the gold had a fall to the lowest level in More than two weeks at 1257 before closing at the end of the day at 1260 level.

The US Federal Reserve raised its interest rate for the second time in three months, as was expected, ignoring the negative US data released yesterday

Retail sales were released on a negative monthly basis after recording -0.3% below expectations of 0.1% while the index was -0.3% below expectations of 2.0%. The CPI on a year-on-year basis was unchanged at 1.9%.  Below expectations of 2.0% while the index on a monthly basis was -0.1% versus expectations of 0.2%.

Technically

The stability   of gold above the 50 day moving average at 1260 may push it towards 1275 level and if it breaches this level. it could push it further towards the level of 1295 followed by resistance level 1305.

A decline below the 50 SMA may push it towards 100 SMA at 1245 and if breached it could extend towards the 200 day SMA at 1239 followed by the breach of 1225 support level.

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