Analyst
Bullish Preference: Buy position is envisaged if price trades above 1876.82 with take profit at 1880.96.
Bearish Preference: Sell position is envisaged if price trades below 1847.87 with take profit at 1844.40.
No major Fundamentals
Comment: Gold prices extended lower during Monday’s Asian Pacific sessions after falling 1.14% on Friday, as the US Dollar climbed alongside longer-dated Treasury yields. Demand for the Fed’s overnight reverse repo facility (ON RRP) surged to a record high of $547.8 million on June 11th, reflecting swelling liquidity at financial institutions. A reverse repo happens when a central bank sells securities and raises cash from the markets in order to provide stability in lending flows. It usually happens when there is too much liquidity cash and demand for interest-bearing securities rises.
No major Fundamentals
Comment: The coming week will be dominated by hopes for guidance on US monetary policy by the rate-setting Federal Open Market Committee, just as the past week was dominated by Thursday’s US inflation data and the latest meeting of the European Central Bank.That means little movement can be expected in EUR/USD before the Federal Reserve’s monetary-policy announcements, economic projections and press conference. Moreover, the Fed meeting may well have as little impact as the ECB and inflation numbers did, suggesting little movement in the pair throughout the week.
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