Gold Sticks to Gains Above $1425 Level Ahead of US Data/Powell

Tuesday, 25 June 2019 21:16 WIB



Gold trimmed a part of its early strong gains to fresh multi-year tops but has managed to hold with goodish intraday daily gains around the $1328 region.

Having jumped to an intraday high level of $1439.08 - the highest since May 2013, the precious metal witnessed some profit-taking from extremely overbought conditions on the daily chart and was being weighed down by a modest US Dollar recovery from multi-month lows.

With investors still digesting a more dovish shift by the FOMC last week, traders seemed inclined to lighten their bearish USD bets ahead of the Fed Chair Jerome Powell's speech and turned out to be one of the key factors exerting some pressure on the dollar-denominated commodity.

Source : FX Street


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