Gold back above 1330, testing 1350 again
Technical Overview: Gold trading at 1336, trading above the support stands at 1300 or 200MA on H4 and 1325 or 200MA on 1hr chart. Holding these levels downside upside 1348 (June7th 2018 high) and 1356 still intact As trend remains sideways to strong against US-china tariff trade war for some time, for the day one can be in sideways trade where upside 1348 can be a limit and face a resistance. For coming sessions one can build a long or hold buys for upside said targets with day support at 1330. Overall range for the day is 1325-1348.
Fundamental: On Wednesday, Spot gold prices ended higher by 0.49 percent to close at $1333.2 per ounce. Worries over global economic slowdown boosted the demand for he safe haven asset. Moreover, the U.S. Federal Reserve might cut the interest rates considering global growth concerns which further supported the bullion metal. Even the U.S. consumer prices increased marginally last month, signalling towards slowdown in the economy which might further pressurized the Fed to trim the interest rates. Markets will have a keen watch on the next meeting of the US FED policymakers which is to be held on June 18-19, 2019.
Suggestion: BUY GOLD TILL 1335 FOR 1345-48 ELSE SELL BELOW 1325 FOR 1318-1315