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20 Jun 2016

Gold ends the day down but off session lows

Gold prices managed to trim most of its intraday losses but closed the day down, as fears of a Brexit eased, weighing on the yellow metal.

Gold closes the day around $1,289 an ounce, down 0.69% on the day, but having recovered from lows at the $1,278 zone. 

Investors, however, are being reluctant to unwind their long positions in gold, as uncertainty over the outcome of the referendum prevails, with the "leave" and the "remain" now neck to neck. 

Gold technical view

“The daily chart shows that the technical indicators have retreated from overbought territory, and keep heading lower, but still well above their mid-lines, whilst the 20 SMA maintains a strong upward slope around 1,256.80,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart,  the price is below a horizontal 20 SMA, offering an immediate resistance at 1,290.70, while the RSI indicator is flat around 52 and the momentum indicator heads north within neutral territory, suggesting the commodity may extend its recovery on a break above the mentioned dynamic resistance.”

Support levels: 1,284.90 1,276.50 1,265.80. Resistance levels: 1,290.70 1,303.65 1,315.54.
 

Jun 20, 2016

EUR/USD vulnerable to weakness over the medium-term - Scotiabank

EUR strengthened on Monday in response to the improvement in sentiment surrounding the UK referendum. However, Eric Theoret, FX Strategist at Scotiaba
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Jun 20, 2016

EUR/JPY: downside compelling despite risks ahead - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that after a modest decline at the beginning of the day, the Japanese yen resumed its advance ...
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