GOLD 06/06: Gold is in a narrow range
GOLD
Gold price is consolidating in a narrow range of 1,955$-1,965$ on an hourly scale. The precious metal has turned sideways around the 50% Fibonacci retracement (plotted from June 02 high at 1,985$ to June 05 low at 1,930$) at 1,965$ The 50-period Exponential Moving Average (EMA) at $1,959.38 is providing cushion to the Gold bulls.
US banks seem reluctant in distributing credit to households and firms in order to maintain their asset quality in the turbulent environment.
My assessment is that
GOLD
gold will follow a butterfly pattern,
GOLD
gold will return to the range of 1965$-1970$ and we will have a buy contract at 1945$-1947$. Stop-loss point per deal at 50pips
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