GOLD
The consumer confidence moved to the peak level, i.e. a 6-year high. The Conference Board's confidence index rose to 85.2 again in June from a revised 82.2 in the month of May and the new home sales rose in May as well. It's a bullish sign for the US dollar. The latest upbeat signs reflect the momentum of the US economy that will hurt gold.
The metal is trading at $1,317.50 in early Asia's session. In yesterday's session gold again moved to higher levels, but was unable to close at the previous high. It seems bears will have control during the rest of the week. We expect to sell again at current levels of $1,317.50 for targets at $1,310 (200-day Ema) and $1,306 levels. If the metal breaks $1,309.50 (200-day Ema), we can see the lower level targets for $1,306, $1,303 and $1,299 levels. In the daily charts, the momentum oscillators favor the 'selling the rise' strategy.
In the H4 chart, the metal is trading below 35 Dema at $1,321 levels. It has support at $1,316 which if broken, the metal will slide to $1,310, $1,306, $1,303 and $1,301(34 Hr Sma). We can see a further slide only below $1,309.50 levels. If $1,309.50 is not broken, we can see another pull back up to $1,316-$1,317 levels. If gold is not sustaining above $1,325, we can see some profit booking and selling pressure up to $1,299 and $1,286 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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