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Gold managed to reach the $1350 area with an impulsive non-volatile bullish pressure and formed Double Top pattern. It may pull the price down towards $1300-1320 support area.
Gold pushed lower after an eight-day streak in the previous session as the US and Mexico made a deal. Asian stocks were mostly higher amid upbeat economic reports. Chinese shares gained near 2%. Monday's better-than-expected trade data also provided some support.
Expectations of interest rate cuts by the US Federal Reserve were also cited as a tailwind for the yellow metal. The US central bank is due to issue its next policy statement on June 19 after its monthly meeting. Fed Chairman Jerome Powell assured markets last week the central bank will do whatever it takes to shield the U.S. economy from recession owing to trade wars and preserve nearly a decade of record growth.
Gold pundits mostly see August gold futures topping $1,400 an ounce between now and June 19, when the Fed is due to issue its next policy statement after its monthly meeting. While the central bank is not expected to decide outright on a rate cut at this round, traders will be closely watching the language in its statement to gauge how dovish it is and whether an easing could be expected in coming months.
As of the current scenario, the price is expected to drop towards $1300 area before the price goes higher towards $1450-1500 area. Though the market sentiment is currently quite corrective, so reaching the resistance area is unlikely to happen anytime soon. As the price remains above the $1300 area with a daily close, the impulsive bullish bias may continue further.
SUPPORT: 1250, 1289, 1300, 1320
RESISTANCE: 1350, 1400, 1450, 1500
BIAS: BULLISH
MOMENTUM: VOLATILE
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