Gold analysis – 7 Jun 2019

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Gold follows ECB and Powell statements!

By: Ahura Chalki

The gold rally continues after the ECB statement while trade tensions remain as well. While the US – Mexico trade talks about new tariffs had not any special results and need for more talks or as president Trump says, they have to control the borders, US-China trade talks also have the same situation or even worse.  As these tensions continue, besides Eurozone weaker economic data made ECB outlook to be almost the same as Mr. Powell speech, a day before, especially about a rate cut, where both of them pointed they will take it under consideration and if trade situations need this action, they are ready to take it. With all that we had during past days, today as first Friday of the month, NFP will be in focus and Gold will make its decision, based on NFP results.

From the technical side, as Bollinger bands coming closer together, are signing about next movement which can be either bullish or bearish, but with a bigger leap!  In the other hand, while Stochastic just returned from the oversold area and looking to have a bullish signal, RSI cannot confirm that with sloping down from 50 – Level.

Pivot point: 1334.29

Resistance level: 1341.37 / 1346.85

Support level: 1328.81 / 1321.73

The expected trading range for today is between 1321.73 support and 1346.85 resistance.

Note

The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.

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