Gold traders closely eye June Fed meeting

London (June 14)  Following four straight bearish sessions, the precious metal rebounded in the previous session and ended at $1265.80, led by a weaker US Dollar. As of now, Gold is trading in an upward trending channel on the 1H chart, as market await key economic releases in the US that would determine the US Federal Reserve’s (Fed) decision for an interest rate hike. Additionally, the MACD indicator is sharply pointing towards the north, further validating the above stance.

Immediate resistance is placed at the $1271 level where EMA 200 is trading, followed by the $1274 and $1276 levels. A sustained break above the latter might trigger further acceleration to the upside. Conversely, key support to be watched is located at the $1267 level where EMA 55 is trading, followed by the $1264 and $1261 levels. A breach below the latter might trigger bearishness in Gold.

Source: AtoZ-FOREX