World Gold Review Thursday, June 10
The price of gold continues its previous downward trend. Recent decisions by the European Central Bank (ECB) monetary policy and consumer price index (CPI) data on Thursday reflect policymakers' thinking about the next stimulus package. Meanwhile, the four-hour gold price chart paints a bearish picture.
Sellers can target immediate support in the horizontal trend line connected to the previous price floor at the level of $ 1881. Crossing this level could cause the price to drop to the lowest level recorded on June 4, ie $ 1856. Previously, an area of demand around $ 1865 could allow some cows to operate.
Any attempt to improve prices could face tough resistance around the $ 1891-1895 area; At this level, simple moving averages of 21, 50 and 100 days collide. In addition, the resistance of the triangle at the level of $ 1900 can challenge this uptrend. Last month's high of $ 1913 is a point to be optimistic about.
Gold futures fell 0.35% to $ 18,888.95 at 11:23 pm Eastern time. The dollar, which usually moves in the opposite direction to gold, is rising as the 10-year US Treasury returns fell below 1.50% for the first time since May 7.