Forex Marketz Daily Forex News – Fully Markets Update
The price of spot gold (XAU/USD) continues to retreat in the aftermath of the hawkish FOMC (Federal Open Markets Committee) monetary policy decision on Thursday. The US Dollar along wit Treasuries are rising. Looking at today’s economic calendar, thins are pretty light which means gold is likely to trade quietly.
US political news is another ballgame. Repeated headlines into President Donald Trump and possible improper contact with Russian officials continue to pour out of Washington DC. Any bombshell news that can scare the markets will send gold higher.
On the calendar, the University of Michigan will report June US consumer confidence data. A slight downtick is expected. This should not attract much attention from the markets. The Fed is set to dial back stimulus despite recent disappointing economic data.
Gold Technical Analysis
The price of the yellow metal has slid to a new three week low. There is near term support lining up at the cluster area of 1,241.20 to 1,245.60. A daily close below this first layer of technical support challenges the next downside barrier at 1,227.20. This is at the rising trend line from January.
The alternative technical analysis notes the first upside barrier at 1,255.20. The next layer of technical resistance lines up at $1,264.88 per ounce.
