Gold trades in narrow range

June 2, 2016

Major resistance- $1226 (10 day EMA). The yellow metal has jumped after making a low of $1205 yesterday. It is currently trading at $1215. Market awaits ECB policy decision today for further direction.

ECB is expected to keep interest unchanged with no addition of further stimulus. But the Central bank will probably will increase the inflation forecast. Gold’s major resistance around $1226 (10 day EMA) and any slight bullishness only above that level. 

Any indicative break above $1226 will take the commodity till $1235/$1239 level. Short term bullishness only above $1240 (55 day EMA). On the lower side major support is around $1200 and any break below targets $1190/$1175/$1160.

It is good to sell below $1200 with SL around $1221 for the TP of $1160

Publication source
Vinson Financials Ltd information  Vinson Financials Ltd reviews

September 23, 2016
Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016
Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...
September 21, 2016
Bank of Japan runs out of road
The Bank of Japan delivered a whole heap of nothing at its policy meeting today, although some adjustments were made to its policy framework. If you take the time to read through these measures, then the impression is of a central bank that has largely lost the monetary plot...

Vantage FX Rating
Orbex Rating
XM Rating
OctaFX Rating
Larson&Holz IT Ltd Rating
HYCM Rating

Anyoption Rating
Empire Option Rating
Grand Option Rating
Porter Finance Rating
OptionBit Rating
OptionTrade Rating