All eyes on tomorrow’s Federal Reserve meeting. In the yesterday’s session, the US released poor economic data. Gold closed on negative bias. Yellow metal is consolidating at lower levels.
Short-lived bulls rally did not live up to expectations. The metal price is
under pressure amid mounting concerns about the Federal Reserve’s rate hike. Parallel
support is seen at $1,145.00 and $1,140.00. Prices have been consolidating for 4
consecutive days. The Federal Reserv stands on a hawkish tone. We expect the Federal
Reserve to hike interest rates by 0.25% in June or September. Prices are
trading at a 52-week low of 1147.00. The stronger US dollar affects the metal
price. The US dollar is likely to remain strong. At the today’s Asian session,
the metal is trading lower. We recommend selling below $1,147.00 with targets at $1,140.00, $1,137.00, $1,124.00, $1,120.00, $1,115.00,
and $1,100.00. Intraday support is found at $1149.00 and $1,147.00.
Resistance is seen at 11558.00. Weekly resistance is set around $1,168.00.
Prices are trading in a range of 30$. Trade: Buying above $1,158.00 with targets at $1,162.00,$1,166.00,
$1,168.00 and $1,170.00.
The material has been provided by InstaForex Company – www.instaforex.com