The gold posted humble gains, but remains under massive selling pressure on the short term, could reach new lows in the upcoming days if the USDX will have enough energy to increase further. Has opened with a gap up today, but technically is somehow expected to decrease after the failure to make new highs.
The yellow metal increased even if the dollar index reached new highs, the USDX increased little today, but is important that stays above the 96.20 level and looks motivated to climb even higher these days. Personally, I believe that this rebound will be only temporary, could decrease a little again before will start a larger increase. USDX needs to make an accumulation movement because needs to capture more directional energy to be able to increase and to approach the 97.00, 98.00 psychological levels.
Gold is moving sideways on the short term, so we’ll have a clear direction once we’ll have a valid breakout from this minor range, personally I’m waiting for a fresh trading signal because we may have a very good trading opportunity in the upcoming days.
However, we may have a Falling Wedge pattern on the USDX, a breakout will confirm an important increase in the upcoming weeks, but we have to wait to see what will happen.
Gold increased even if the Aussie dropped aggressively versus the greenback, the AUD/USD decreased much below two important support levels and approaches critical dynamic support levels. The Aussie dropped despite that the Australian Retail Sales increased by 0.6% in May, beating the 0.2% estimate, while the Reserve Bank of Australia maintained the Cash Rate steady at 1.50%, matching expectations.
The Kiwi dropped as well today versus the USD, but the pair squeezed in the last hours and maintains a bullish perspective. NZD/USD increased in the afternoon, even if the New Zealand GDT Price Index dropped by 0.4%, less versus the 0.8% drop in the previous reading period.

Golddaily

Price dropped aggressively in the yesterday's trading session and has finally escaped from the ascending channel's body, signalling that we may have a larger drop in the upcoming period, but he could still find support at the outside sliding parallel line (ascending dotted line). Only a valid breakdown below the sliding line (SL) will confirm a further drop in the upcoming period. You can see that is moving sideways between the 1213 and the 1295 levels, a breakdown from this range will bring us a very good selling opportunity. Technically was expected to decrease after the failure to reach and retest the lower median line (LML) of the ascending pitchfork. We may have a selling opportunity if the rate will come back higher to retest the upper median line (UML) of the major descending pitchfork. Another leg higher will come only if the price will jump and will stabilize above the UML.

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Olimpiu Tuns

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