Gold Price - Fundamental View
London (Jun 23) The Precious metal has been trading lower for the past two consecutive days as the optimism on Greek deal has picked up. Investors are feeling comfortable in holding riskier assets and the demand for the yellow metal has taken a hit on the back of this and this has pushed the price of gold below the 1200 mark. We do believe that the 1200 mark is of significant importance, if the uptrend has any legs to endure, otherwise we will continue to grind toward the 1160 mark.
The FOMC members will be speaking later this afternoon and this will be another point to gauge for traders who will try to sense the hawkish or dovish mood from their comments. This will drive the price of gold and if we do get a little clearer hint on the timing of the rate hike, we could see some selling pressure mounting.