Gold Price Chart Hints Reversal Lower May Be Brewing Ahead | Metals Mine

  • Gold Price Chart Hints Reversal Lower May Be Brewing Ahead

    From dailyfx.com

    Gold prices fell as the US Dollar rose after the Trump administration opted to cancel planned tariffs on imports from Mexico. The move cooled Fed rate cut speculation somewhat, undermining the appeal of anti-fiat alternatives epitomized by the yellow metal. The news buoyed risk appetite, but typically cycle-sensitive crude oil prices were unable to capitalize. The benchmark WTI contract drifted lower amid reports that Saudi Arabia and Russia are struggling to agree on extending the OPEC+ output cut scheme. Riyadh is on board, but Moscow is unconvinced for now.Looking ahead, a relatively quiet economic calendar is ... (full story)

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SurfsUp
Jun 11, 2019 9:17am
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Boy the mood can certainly shift quickly. We're going from talk of 3 rate cuts this year to now all the economists saying there is no driver for cuts. What is the sentiment of traders here? I feel like a waving flag on the topic of rate cuts and need to shift to metals. But, I am coming to believe more like the argument in this post from dailyfx.
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bigtx
Jun 11, 2019 8:36am
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It looks like it's pretty comfortable anywhere within the 1300s for a little while. Maybe you call that a reversal, I call it range-bound for now.
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