Gold Up as Dollar Weakens, Investors Await Fed Minutes

 

 Gold was trading 1.51% down at  $1,810.50

Gold was up on Tuesday morning in Asia and was close to a two-week high

Gold Futures rose 0.80% to $1,797.65 by 11:34 PM ET (3:34 AM GMT) after hitting its highest since June 18 at $1,794.86 on Friday. The dollar, which usually moves inversely to gold, was down on Tuesday morning after hitting a three-month high at the end of the previous week.

U.S. markets were closed on Monday for a holiday.

Investors remain focused on the minutes from the Fed’s June meeting, due on Wednesday, for further clues about the central bank’s surprise hawkish stance in the policy decision handed down after that meeting.

On the data front, Japan’s  household spending grew 11.6% year on year in May, which was higher than the 10.9% growth in forecasts prepared by Investing.com but lower than April’s 13% growth. It contracted by 2.1%month on month.

In Europe, the  (PMI) for June was 59.5, while the services  PMI was 58.3. Both PMIs were higher than expected, with businesses in the area expanding at the fastest pace in 15 years.

On the technical front Gold , RSI Stood at 49.112, the current price is trading  Above   the Moving Averages 5 & 20   . So, a  Buy trade can be executed with the following target and stop-loss:

TRADE SIGNAL- Gold – Buy: 1810.60, TARGET:-1860.60, STOP LOSS:- 1785.60.

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