Gold: $2K is on hold
Inflation in the US is clearly slowing down, as per latest economic data posted during the previous week. In line with it, markets are expecting that the Fed might soon stop with further rate increases until the end of this year. However, strong figures posted for Michigan Consumer Sentiment show increased sentiment of the US consumers, which might make some impact on the inflation figures in the coming period. The USD strongly dropped during the previous week, and the price of Gold reacted to such developments.
The price of Gold started the previous week around level of $1.913 and through the course of the week was pushed to the upside. Highest weekly level reached was $1.960. Gold is ending the week at level of $1.955. RSI is still holding above level of 50, ending the week at level of 57. Moving average of 50 days continues with its convergence toward the MA200 counterpart. As per charts, if the indicator continues with its current course, there is increased probability for a cross to occur within a few next weeks.
The level of $1.950 is a short term resistance line, around which Gold spent a lot of time in the previous period. It could be expected that the Gold will start the week ahead by testing this level. At this moment, there is no clear indication on charts whether this level might be breached to the upside, in which sense, 2K might be still on hold. On the opposite side, some short term correction is possible, at least to the level of $1.930.
Important news to watch during the week ahead are:
USD: Retail Sales for June, Building Permits for June
The price of Gold started the previous week around level of $1.913 and through the course of the week was pushed to the upside. Highest weekly level reached was $1.960. Gold is ending the week at level of $1.955. RSI is still holding above level of 50, ending the week at level of 57. Moving average of 50 days continues with its convergence toward the MA200 counterpart. As per charts, if the indicator continues with its current course, there is increased probability for a cross to occur within a few next weeks.
The level of $1.950 is a short term resistance line, around which Gold spent a lot of time in the previous period. It could be expected that the Gold will start the week ahead by testing this level. At this moment, there is no clear indication on charts whether this level might be breached to the upside, in which sense, 2K might be still on hold. On the opposite side, some short term correction is possible, at least to the level of $1.930.
Important news to watch during the week ahead are:
USD: Retail Sales for June, Building Permits for June
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