Gold price trends and forecast & gold price direction today

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15-06-2018 11.00 AM

Gold prices waved off a sturdy dollar rally to stay above the psychologically important $1,300 level as trade pressures increased demand for safe-haven gold.

Traders heaped into safe-haven gold on outlook that the United States will impose tariffs on $50 billion worth of Chinese imports on Friday, lifting up the outlook of retribution from the Beijing, intimidating a revengeful trade war between the world's largest two economies.

The list is expected to include between 800 and 900 products, below the original list of about 1,300 products published by the U.S. Trade Representative in April. President Donald Trump reserves the final decision on whether to impose tariffs.

Gold's move higher was restricted by a rise the dollar to two-week highs subsequent to a slump in the euro after the European Central Bank said interest rates would be left unchanged until at least the summer of 2019.

Technical chart

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Technical outlook

Gold prices broke above resistance line yesterday wherein “bullish-rectangle-chart-pattern” In this pattern, the 4h chart prices have met the first level of target and again retested previous resistance which has become support now at $1305.The further market direction may continue upside from $1305 to $1312-1320 level in the upcoming session. When we look below, the same parallel line support has been created at $1294. Once it breaks below, then the prices will turn bearish extending towards $1288-1275.