Gold price falls back to $1600 ahead of Federal Reserve decision
In a few hours we will find out if the Federal Reserve will print more money. At the moment their is uncertainty about exactly what the Fed might do. It ranges from nothing at one end ,to announcing $50bn+ per month more QE at the other, and extending the ‘exceptionally low’ interest rates until 2015 in the middle.
The gold price hasn’t hung around to find out and has sold off back to $1600 after getting as high as $1630 this week.
$1630 is proving to be stiff overhead resistance for gold at the moment with 5 attempts so far in June all failing to close above this level.
- Gold price falls back to bottom-end of its trading range… (nobody surprised at all)
- Gold price struggling to get back above $1600 as Citi says “drop money from helicopters”
- Gold price falls back to long-term support
- Gold price falls to $1645 level – trading back below the 200 daily moving average
- Gold price drifts lower only to ‘pop’ back towards $1650 as the bull/bear attrition battle rages on
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-falls-back-to-1600-ahead-of-federal-reserve-decision-7152/