Gold Trades To A Higher Low But Continues To Fall Short Of Brass Ring
Ever since gold broke below $1,300, exactly a week ago today, pricing has remained in an extremely narrow and defined trading range. The relationship between the daily open and closing price has diminished to just a couple of dollars each day. Although prices have dipped below a critical support level (0.618 % retracement) at $1,288, gold has effectively closed above that price point on all occasions. If these lows hold, it will mark the fourth instance of gold trading to a higher low since the end of 2015. At that time, gold hit its lowest price point and concluded the multiyear correction which began at $1,900 per ounce. The first instance of a higher low occurred $1,125 in December 2016. This low concluded a correction which began in August 2016 when gold prices hit an apex just above $1,375 per ounce. This price high continues to be the unobtainable brass ring. Read More @ http://www.kitco.com/commentaries/2018-05-22/Gold-Trades-To-A-Higher-Low-But-Continues-To-Fall-Short-Of-Brass-Ring.html
5 Things: FOMC Minutes to Confirm Inflation Progress
The Federal Open Market Committee’s policy statement at the close of its May gathering offered little new information on the projected future path of U.S. interest rate hikes, but the minutes of the meeting may give more color on the latest discussion around inflation. The following are five things to look for: Any signal regarding a widely expected interest rate increase at the upcoming June FOMC meeting, as well as whether the committee will revise up its 2018 rate forecast to four hikes from three in the March Survey of Economic Projections. Markets have already priced in another 60 basis points in Fed hikes by year-end, according to CME Group. However, further out, markets are underpriced relative to the Fed’s outlook but seem to be positioning for a more hawkish shift ahead of June. Read More @ https://www.marketnews.com/content/mni-5-things-fomc-minutes-confirm-inflation-progress
EURUSD & XAUUSD TECHNICAL CHARTS IN DETAIL
USD prepares for the next bull this week and till June 14th. FED prepares for a rate hike and also tomorrow the FED minutes as expected to be bullish once gain. We you are thinking of shorting the USD think again or at least for the minutes to be delivered.
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