FXStreet – The precious metal prices today are passed into the climb. The gold price tested the key resistance in the Form of the 200-week line at around 1.235 USD.
Gold stronger due to Dollar sales
Ounce of read metal is well on the way to the fifth daily gain in a row. The reason for the rate increase in a broadly weak Greenback.
In fact, the US Dollar Index (DXY), which compares the Greenback against six major currencies on a trade-weighted Basis, went to the diving station, and today marked a new 6-month Low at around 98,20. For additional pressure on the bottom of a report in the Washington Post that President Trump should have given more important information to the Russian foreign Minister and the Ambassador made.
The ascendant receives Gold, among other things, of the decline in speculation on a rate hike by the US Central Bank, the Fed at the June meeting. According to CME Group’s FedWatch, the Chance of an interest rate step-just under 74 percent.
In the meantime, the Bullion is still recovering from his 2-month-lows, which it had formed last Tuesday in the case of 1,215 USD. So it is currently testing the key levels in the Form of the 200-week line and the 23.6% Fibonacci Retracement of the entire bearish impulse from April to may at around 1.230/35 USD.
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Gold price was last updated on 1.235,40 USD 0.44 percent in the Plus. The next Resistances lie at 1.244,96 (the 200-day line), 1.246,93 (55-day line) and 1.255,85 (50% Fibo). Supports on the other hand, 1.224,40 (Deep 12. May), 1.216,90 (Deep 11. May) and 1.214,30 (Deep 09. To find may).
** FXStreet News Editorial, FXStreet**