XAUUSD June 12 2016

XAUUSD June 12 2016

12 June 2016, 09:12
Andy Ismail

Heading into next week (June 13 - 17), all eyes are on the Fed with the FOMC policy meeting on tap for Wednesday. Fed fund futures are factoring a zero percent chance that the central bank will raise rates and we’ll be expecting most of the volatility to come by way of the statement and subsequent presser with Chair Janet Yellen (DailyFx). "We’ll take a more neutral stance heading into next week’s key interest rate decision with a general long-bias favored while above this week’s low at 1235. A breach higher from here targets subsequent topside objectives at 1293 & 1301 (2015 high-week & high-day closes) with more significant resistance seen at the convergence of the 200-week moving average and a sliding parallel extending off the February high". (Boutros, DailyFx).  

Gold touched a fresh two-week high on Wednesday as the possibility of an early US interest rate hike appeared to dim following dovish comments by Federal Reserve Chair Janet Yellen earlier this week. Yellen gave a largely upbeat assessment for the US economy on Monday and said interest rate increases were coming, but investors focused on her lack of guidance about when. We stay long for 1280.00 in the near term and 1335.00 in the long term. (Grwoth Aces, FxStreet) .

At the opposite opinion, Ismail (TradingView) said that 1258 - 1264 is a fair price that can be touched in this week. With Fibonacci Swing Scalp Two indicator, we can make trading setup in H4 timeframe clearly.


(XAUUSD Setup)



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