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FxWirePro: Sell Gold targeting $1231 per troy ounce

Our calculations at FxWirePro suggests that Gold price could once again move lower as U.S. dollar continues to march higher. Moreover, we expect the current geopolitical tensions to diffuse on several fronts,

  • With UK Prime Minister Theresa May resigning from her post effective June 7th, which is positive as it breaks the status quo amid domestic political chaos.
  • And, despite the tensions, talks are currently on the way which could ultimately diffuse tensions between Iran and the United States. Countries like Iraq and Pakistan are actively taking part in narrowing the differences between the above two countries.

Lack of risk aversion and a stronger USD likely to push the yellow metal lower.

Trade idea:

  • Sell gold targeting $1231 and $1216 per troy ounce areas, with the stop loss around $1325 area.
  • Market Data
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