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Gold managed to maintain the bullish impulsive momentum that indicates a further bullish trend in place with a target towards $1,500.
Gold gained momentum on expectations of a rate cut by the Federal Reserve, but gains were capped by a rebound in US stocks. The US Federal Reserve is widely expected to keep interest rates unchanged at its meeting on June 19. However, markets believe in the likelihood of a rate cut before the end of the year due to easing inflation and rising trade tensions. Expectations of a rate cut rose after the US Labor Department reported that the number applications for unemployment benefits rose unexpectedly. Besides, investors are discouraged by twists in the US-China trade talks which make the trade deal more distant.
Concerns about global economic growth and the growing likelihood of the rate cut support the gold market. Amid global unvertainty, investors are looking for a shelter, in particular gold as the most popular safe haven asset. Though gold is winning favor with investors at present, the previous metal could make some correctional delcines in the short term.
Meanwhile, gold is expected to pull back and consolidate below $1,350. Mean Reversion may be observed towards $1,300 again as the dynamic level of 20 EMA is quite far from the current price area. The price recently formed Bearish Divergence pushing towards $1,350 that also indicates the expected pullback. The metal is following the clear-cut bullish trend. Thus, trading above $1,300 with a daily close indicates strength and impulsive pressure of the bulls. The strong momentum might push the price towards $1,500 in the coming days.
SUPPORT: 1,290, 1,300-20
RESISTANCE: 1,350, 1,380, 1,400, 1,500
BIAS: BULLISH
MOMENTUM: VOLATILE
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