LeoPrime Daily Market Analysis

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Gold started of this week with a bearish rebound

Gold finally rebounds at weekly multilevel high near 1340.00 – 1345.00 region since the start of this week as the U.S dollar plunges after strong economic data last week led investors to reassess whether the Federal Reserve will sound as dovish as expected at this week’s monetary policy meeting. The next Expectations of an rate cut at the Fed’s June 18-19 meeting fell from 28.3% on Thursday to 21.7% after the retail data, according to CME Group’s FedWatch tool. However, bets for monetary easing at the July meeting remain at 85%. Reversing back at February 19th high near 1340.00 region, XAUUSD as of now trading at 1333.50 which shows a short-term trade for the bears enroute to next daily support at 1327.00. Breaking the daily support near 1325.00 region, xauusd have chances of dropping down till next support at 1285.00.

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