Gold craters amid hawkish Fed

17/06/2021

The bullion has dropped 80 USD over the last two days and was down nearly 2% on Thursday, trading at around 1,780 USD during the US session.

The US dollar surged after the hawkish Fed, which sent precious metals sharply lower. 

Gold fell below the strong support of 1,850 USD and bulls failed to defend the psychological level of 1,800 USD. Thus, the medium-term uptrend is now over and rallies could be sold.

The next target for bears might be at December lows of 1,765 USD.

Alternatively, rallies toward 1,800 USD are now expected to be sold into. However, should the bullion manage to close above 1,800 USD, the short-term outlook might improve significantly, with the next target near 1,820 USD.
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