Gold prices have slightly rebounded due to a weaker dollar following an increase in Americans filing for unemployment benefits.
The US Federal Reserve is expected to continue increasing interest rates, and the upcoming inflation data may impact future decisions.
The immediate upside hurdle for gold is around $1969 the odds of witnessing a rally towards the $1990.
However, a clear downside break of the $1,960 support may lead to a free fall before testing the 100-DMA support of around $1,941.
Gold is currently well-supported for a slight uptrend, and the trend still favors a BUY.
Support: 1955 1945 1935
Resistance: 1970 1985 2000
The US Federal Reserve is expected to continue increasing interest rates, and the upcoming inflation data may impact future decisions.
The immediate upside hurdle for gold is around $1969 the odds of witnessing a rally towards the $1990.
However, a clear downside break of the $1,960 support may lead to a free fall before testing the 100-DMA support of around $1,941.
Gold is currently well-supported for a slight uptrend, and the trend still favors a BUY.
Support: 1955 1945 1935
Resistance: 1970 1985 2000
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The consumer price index in May rose 0.2% year-on-year from 0.1% in April, matching the previous forecast. Core inflation fell from 0.7% to 0.6%. PPI in May fell 4.6% after falling 3.6% in the previous month, due to falling commodity prices and weak domestic and foreign demand. Economists had expected the PPI to fall 4.3%.
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Binance US said it was suspending deposits of US dollars and urged users to withdraw any dollars they have been storing on the exchange by June 13.
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UBS has entered into an agreement with the Swiss government to protect against potential losses following its acquisition of Credit Suisse.
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Gold dips but set for weekly rise on Fed rate pause hopes
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1957->1968 +110pips
