GOLD 16/6: sideway in bearish zone
Updated
Following the US's decision to halt interest rate hikes, the European Central Bank (ECB) raised interest rates by 0.25 percentage points in order to boost interest rates in the euro area to 3.5%. As a result, the US dollar significantly depreciated against several currencies, causing a sharp decline in US bond yields.
Consequently, the appeal of USD and bonds diminished for investors, leading them to redirect their investments towards precious metals. Consequently, the global price of gold occasionally experiences substantial increases of tens of USD per ounce.
Gold price on June 16 is fluctuating at $1961 level
Met strong resistance at the price range $1965 - $1967. The short-term main trend is not strong enough to overcome the resistance, watch for SHORT
Technical indicators are approaching oversold levels, and the 34 and 89 EMAs are currently moving around the $1961 level.
Consequently, the appeal of USD and bonds diminished for investors, leading them to redirect their investments towards precious metals. Consequently, the global price of gold occasionally experiences substantial increases of tens of USD per ounce.
Gold price on June 16 is fluctuating at $1961 level
Met strong resistance at the price range $1965 - $1967. The short-term main trend is not strong enough to overcome the resistance, watch for SHORT
Technical indicators are approaching oversold levels, and the 34 and 89 EMAs are currently moving around the $1961 level.
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