Analysis of Gold for June 11,.2020 – Completion of the ABC downward correction and new upward movement on the way. First

Most major market strategists agreed that the Fed delivered what the market pretty much expected that it wouldn’t do anything. Its monetary policy statement didn’t contain any surprises and was straightforward, offering little details. But who really expected the Fed to give any details at this time. The impact of the coronavirus on the economy is still a breaking story so the forward guidance will come later. Right now, investors just wanted to hear that the Fed will hold rates near zero for some time and that policymakers have their backs

Technical analysis:

Trading recommendation:

Watch for buying opportunities on the dips. I found that there is the completion of the ABC downward correction in the background, which is indication that Gold is ready for the rise.

Upward targets are set at the price of $1,739 and $1,750.

Support level is set at $1,721.

Resistance levels are set at the price of $1,739 and $1,751

Source: Analysis of Gold for June 11,.2020 – Completion of the ABC downward correction and new upward movement on the way. First

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