Standard Bank Daily Gold Price Analysis for June 17

Standard Bank

According to Standard Bank report. Gold price had a weak resistance level at $1350 USD/ Ounce. Despite the fact that, US dollar weaker during the past month against the Euro, we got one fact that, there are more important variables than the the USD.

The precious metal is waiting for the Fed’s FOMC announcement tomorrow, to determine its next trend of trading, within it is up trading level or down trading level.

Low price of USD provided a vital support for gold prices. Moreover, the rise of the equity markets also assist gold to show some resistance toward the selling pressure. The result of these circumstances was, the stability of gold price in the down trend trading.

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