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Gold weekly analysis 19-23 June 2017

Gold weekly analysis 19-23 June 2017

 

For the second week in a row, the yellow metal continued to decline due to the US economy rose and interest rates rose during the Fed meeting and.

This week there are no important data in the US agenda, but the most important is to monitor the Federal Reserve Committee statements in an attempt to identify their view of the current situation of the US economy and the future expectations of the next interest rate hike in September.

Technically

Staying below the 50 SMA at 1255 may cause a decline in gold towards the 200 SMA at 1233 and if this level is breached it could extend towards the 100 SMA at 1215.

In the case of a rally gold may rise towards the resistance level 1275 and if it crosses it, it may continue to move towards 1305

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