GOLD 08/06 - Bulls defend the price zone 1935
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The value of the dollar index has decreased, resulting in a lower price for gold for those who hold other currencies.
Investors are closely monitoring the upcoming Fed meeting and the US consumer prices report for May through June 13 to gain a better understanding of the state of the economy.
There has been mixed economic data along with dovish comments from Fed officials.
Gold is currently facing resistance at the 1940-1935 level, but the bulls are trying to gain momentum to push it up. However, the bears are determined to keep the price below 1955.
Investors are closely monitoring the upcoming Fed meeting and the US consumer prices report for May through June 13 to gain a better understanding of the state of the economy.
There has been mixed economic data along with dovish comments from Fed officials.
Gold is currently facing resistance at the 1940-1935 level, but the bulls are trying to gain momentum to push it up. However, the bears are determined to keep the price below 1955.
Nota
Also, watch out when GOLD breaks out and closes below the 1938 zone. This is ready to trigger a very strong SELL force towards the target 1930 - 1920 - 1905 in the short term.If trading this method, pay attention to place the stop loss after the nearest resistance at 1946.
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