Gold Retreats In Déjà Vu Ahead Of U.S. Data

Opening Bell: WTI Hits Record Losses; USD Drops; Futures Rebound

Gold Retreats In Déjà Vu Ahead Of U.S. Data

By FxGrowForexJun 01, 2017 08:38AM ET

www.investing.com/analysis/gold-retreats-as-d%C3%A9j%C3%A0-vu-ahead-of-u.s-data-200192574

Gold Retreats In Déjà Vu Ahead Of U.S. Data

By FxGrow | Jun 01, 2017 08:38AM ET

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Gold peeked yesterday to 1274.13 with expectation for further advances as market over-passed 1270 level (R1), and closed at 1268.85. But as previous retreats for gold abandoning 1270 level and 1275 (R2) still creeps into mind, which justifies the precious metal retracements.

Technically, gold remains above its daily 50-EMA at 1250, which sustains the bullish momentum and Gold destination remains upward, but in case market closed today below 1250 (S3), the trend will shifty bearish and the expectations for further decline prevails. Expectations for penetration for support and resistance levels should be taken into consideration due to U.S Data release shortly.

Trend: Bullish Sidways

Resistance levels : R1 1270, R2 1275, R3 1280, R4 1288

Support levels : S1 1265, S1 1259, S3 1254, S4 1251

Comment: Gold remains bullish as long as market closes above 1250, otherwise, trend reversal should be taken into consideration. Expect spikes to fight R2 and R3 levels as recent behavior. Also, dips should fight S1 and S3 levels. Look forward for U.S Data which is a main player today for gold.

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Next Meeting

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2.25%

Dec 19, 2018

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0.00%

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0.75%

Dec 20, 2018

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Dec 13, 2018

RBA

1.50%

Dec 04, 2018

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1.75%

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1.75%

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7.50%

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6.50%

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4.35%

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6.50%

Dec 12, 2018

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SPDR S&P 500	270.20	-1.86	-0.68%
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VelocityShares 3x Inverse Natural Gas linked to S&	2.86	-3.58	-55.59%
ProShares Ultra VIX Short-Term Futures	59.0100	+2.1200	+3.73%
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Gold Retreats In Déjà Vu Ahead Of U.S. Data

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