Gold update
Gold is under pressure from the rise in the dollar, while the Federal Reserve officials that reinforced expectations of a further reduction in US interest rates later this year limited the downward pressures.
ANZ Bank, said: "If the economic data coming from the United States is significantly weaker than expected and the Federal Reserve cuts interest, gold will move towards $ 2,500 or more."
Investors are also awaiting data coming from China, the largest consumer of gold, and with geopolitical tensions continuing in the Middle East, demand for safe havens is expected to continue.
Currently gold is consolidating on lower time frames. We are just under the weekly resistance zone. For a continuation of a bullish move we would need to see gold break 2428. 2424 to 2428 will add extra selling pressure for gold. Failing to break these levels gold can expect to fall to 2407, 2397 and 2378. Breaking and remaining above 2428. We can expect a 2450 and then 2475.
ANZ Bank, said: "If the economic data coming from the United States is significantly weaker than expected and the Federal Reserve cuts interest, gold will move towards $ 2,500 or more."
Investors are also awaiting data coming from China, the largest consumer of gold, and with geopolitical tensions continuing in the Middle East, demand for safe havens is expected to continue.
Currently gold is consolidating on lower time frames. We are just under the weekly resistance zone. For a continuation of a bullish move we would need to see gold break 2428. 2424 to 2428 will add extra selling pressure for gold. Failing to break these levels gold can expect to fall to 2407, 2397 and 2378. Breaking and remaining above 2428. We can expect a 2450 and then 2475.
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