Gold under pressure, bears eye $1,214 on the wide

Ross J Burland FXStreet

Gold lost out to improved risk sentiment at the start of the week while the yen dropped 0.61% and the precious metal fell to a recent low of $1,243.46.

USD/JPY intermarket: risk on, watching yields, stocks and gold

Gold traded as high as $1,280.48 on the 14th June before sliding thus far. The FOMC painted a more rosy outlook for the US economy and recent reports are suggesting a pick-up in world growth that is lifting spirits in markets; Investors are still prepared to keep elevating the US stock market to all-time highs. At the same time, the dollar outperformed today and the DXY made a high of 97.57. All in all, should the market continue to view the Fed as hawkish, gold will struggle while yields remain elevated.

US Dollar fills opening gap, refreshes session top above 97

Gold levels

Gold remains within a rising trend from $1,218. $1,214 to the downside is a critical support area that if was broken, may otherwise bring forward a technically bearish case. Next stop could be $1239.88 (Mar 31 low) below $1,240. To the upside, $1,280 and $1,296 double top levels are key for a continuation of the bullish trend.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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