Gold prices finished in negative territory Monday as the dollar strengthened and as investors favoured assets perceived as risky over so-called havens.

Gold has been plagued by a downbeat tone in the wake of recent signals from the Federal Reserve for at least one more increase to interest rates this year in what has been interpreted as an upbeat outlook on the world’s No. 1 economy. That view sent the yellow metal down for a second straight week last week because higher rates make gold and other commodities, which don’t bear yields, less appealing Gold prices finished in negative territory Monday as the dollar strengthened and as investors favoured assets perceived as risky over so-called havens.
Gold has been plagued by a downbeat tone in the wake of recent signals from the Federal Reserve for at least one more increase to interest rates this year in what has been interpreted as an upbeat outlook on the world’s No. 1 economy. That view sent the yellow metal down for a second straight week last week because higher rates make gold and other commodities, which don’t bear yields, less appealing

XAUUSD DAILY

Gold dropped a bit further down on monday as the dollar strengthened and as I am writing this ,we currently sitting at a very strong support and we might see some bulls jumping in the market.

Source: 19-6-2017

XAUUSD H4

WS1 is where we are currently sitting and with the 21 and 55 EMAs looking very bearish and with great distance between them, we might see gold drop even further and breaking this support. Stochastic is very oversold.

Source: 19-6-2017

XAUUSD H1

Bears took it upon themselves to sell gold at market open, off the 21 EMA and that made the downward momentum to continue. Will WSI be strong enough for the current bearish storm? One has to watch and see . As a bear on this pair ,(1) I will wait for a break through WS! and sell at the role reversal or (2) I will wait for a pullback to WM2 and make it rain from there.

Source: 19-6-2017

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