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Main » 2019 » June » 19 » GOLD XAUUSD gold rate forecast today 19/06/2019: The market is waiting for the results of FOMC meeting
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GOLD XAUUSD gold rate forecast today 19/06/2019: The market is waiting for the results of FOMC meeting

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On Tuesday the yellow metal finished with moderate growth, but in the second half of the day the asset was under considerable pressure from the dollar and driving dynamics of the major stock indexes.


Significant growth indices provoked a new tweet Donald Trump, in which he reported on the very good performance of a telephone conversation with the leader of China, Xi Jinping. Many market participants were encouraged by the warming of relations between the two countries and the possibility to conclude a trade agreement, so gold as a defensive asset, for the time lost its attractiveness for investment.

 

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Deterrent for investors remains the FOMC meeting, which will be concluded today. Before the meeting, Donald Trump stepped up their pressure on the Fed chief Jerome Powell, hinting at his possible resignation depending on the outcome of this meeting. Earlier, Bloomberg News Agency reported that White House lawyers are considering legal grounds for reducing Powell's office, saving him a place in the Board of Governors. True later presidential economic adviser Lawrence Kudlou denied the report.


Investors expect the Fed at this meeting will leave rates unchanged, but may hint at a possible reduction in their following the FOMC meeting, which will be a good driver for the strengthening of gold. In addition to the FOMC meeting today is worth paying attention to ECB President Mario Draghi, because his speech yesterday has led to significant fluctuations in the currency market.


On the chart, despite the decline in local, tool continues to move within the rising price channel, while maintaining good opportunities for continued growth in the direction of the level of 1360.00. But consider the potential entry points in the market is only after the local correction movement. The next support area is located in the level of 1340.00 area.


Levels of resistance: 1354.00, 1360.00, 1365.00;                                                 

Support levels: 1340.00, 1332.00, 1321.00.

The main scenario - correction to 1340.00, 1332.00 possible, and the resumption of the upward movement ..

Alternative Scenario - an increase to 1360.00 from current levels.


Today, we recommend staying out of the market, as the results of FOMC meeting may cause significant fluctuations, which is quite difficult to predict the market.

 

 

 

 

Analytics and forecast gold  FORTFS

 

 

 

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