FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
ETX Capital information and reviews
ETX Capital
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%
EUR/USD
1.1876
GBP/USD
1.3894
USD/JPY
109.2158
USD/CHF
0.905
USD/CAD
1.2509
EUR/JPY
129.7035

Next significant support for XAU/USD is located at $1,840


14 June 2021

The renewed USD strength on Friday forced gold to drop below $1,880 and post losses for the second straight week. If the downswing extends, a test of the 200-day moving average at $1840 will be inevitable, FXStreet’s Eren Sengezer briefs.

Buyers are having a hard time staying in control

A hawkish shift in the Fed’s tone amid an improved economic outlook and rising price pressures could provide a boost to the USD and weigh on XAU/USD in the second half of the week. On the other hand, the greenback is likely to underperform if FOMC Chairman Jerome Powell downplays inflation concerns and reiterates that they are not even thinking about tapering.

“A daily close below $1,873 could open the door for additional losses toward $1,855 (June 4 low) and $1,840 (200-day SMA). “A tough resistance seems to have formed at $1,900, a psychological level. In case buyers manage to lift the price back above that level, the next target could be seen at $1,916 (June 1 high).”

#source

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