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The upbeat market sentiment appears to be a factor in keeping the yellow metal under pressure. However, a weaker US dollar, coupled with fears over a second wave of the virus, and growing geopolitical tensions might sustain the commodity from falling lower.
The global risk sentiment was bolstered by the Fed’s decision to begin buying investment-grade US corporate bonds, the Trump administration’s decision to inject another $1 trillion into infrastructure spending, and a positive breakthrough in the battle against the Covid-19 pandemic.
However, investors are becoming increasingly bearish following a sharp rise in Covid-19 infection in the US and the escalating geopolitical tensions in Asia. It was reported yesterday that tensions in the Korean Peninsula intensified after North Korea blew up a joint liaison office in South Korea. Also, India and China suffered some casualties in a clash at the Himalayan border area.
Furthermore, a weaker USD caused by a fresh leg down in the US Treasury bond yields could provide more boost for the dollar-denominated commodity.
In the meantime, market participants will be focused on the US housing market data and the Fed Chair’s second-day testimony today for meaningful trading opportunities.
Gold (XAU) Value Forecast — June 17
XAU/USD Major Bias: Sideways
Supply Levels: $1,730, $1,735, and $1,745
Demand Levels: $1,710, $1,704, and $1,700
Gold remains under a strong bearish influence and a drop below $1,700 could confirm this sentiment. However, it seems very unlikely that bears will take control considering the macroeconomic conditions at play. We will be looking at our key support at $1,711 (ascending channel baseline) for the near-term trading sentiment. A bounce off that line could send gold back to the $1722 – $1,735 consolidation range and possibly higher. On the flip side, a failure to bounce off that line could send gold quickly to the $1,704 – $1,700 region.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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