Gold Weakens after Mixed U.S. Economic Indicators, what‘s next?; June 15, 2021

Today U.S. released major key indicators with mixed numbers and this is the reason it failed to provide volatility to the FX markets. Markets eye U.S. FOMC Funds Rate Decision scheduled tomorrow for the further directions.

Apart from key indicators, important headlines to keep in mind:

  • U.S. President Joe Biden ended one front in a Trump-era trade war when he met European Union leaders by agreeing a truce in a transatlantic dispute over aircraft subsidies that has dragged on for 17 years – Reuters.
  • Biden – U.S., EU can build on model to tackle China threats.
  • Biden calls the United States and the European Union’s decision to work together to combat China’s anti – market policies as a major step forward.

Technical View:

XAU/USD (Gold):

  • The gold spiked down and touches $1,857 mark in U.S. Session.
  • The pair made intraday high at $1,869 and low at $1,857 mark.
  • A day chart is bullish but H1 chart with triple EMA confirms bearish trend for the time being.
  • A sustained close below $1,868 on H1 requires for the upside rally.
  • Alternatively, consistent close above $1,858 will drag the parity back below $1,840 mark.
$1,872 $1,858
$1,878 $1,852
$1,884 $1,847
$1,889 $1,841
$1,896 $1,836

Take a look and do trade wisely!
Good Luck