GOLD to reach $1350 soon. June 13, 2019


Gold managed to regain momentum after throwback towards $1320 support area. It is currently heading towards $1350 resistance area. After the break above the Bullish Flag, the bullish run is inevitable. Thus, new highs can be expected.

Gold has been picked as the safe-haven for investment while global equities are getting weaker. The US dollar slightly tumbled amid weak economic reports. The Federal Reserve is expected to keep interest rates unchanged at its next meeting on June 19. However, traders have been speculating on the possibility of key rates cut before the end of this year due to slowing inflation.

The Federal Reserve is feeling the heat from inflation, or its lack thereof and gold bulls believe it’s just another little thing that could push the central bank over the edge on monetary easing. The expectation for a rate cut this year also rose last week after a number of Fed officials, including Chairman Jerome Powell, hinted they were open to easing monetary policy. Gold also extended its gains on worries over the US-China trade war. It raised investors’ interest in gold as a hedge against a possible recession too.

To sum up, gold is expected to maintain the bullish momentum it acquired recently which may lead the price higher towards $1350 and later towards the ultimate target of $1500. As the support area between $1300-20 holds the price, the bullish bias is expected to continue further.

SUPPORT: 1290, 1300, 1320

RESISTANCE: 1350, 1380, 1400



The material has been provided by InstaForex Company –

Source:: GOLD to reach $1350 soon. June 13, 2019

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply