Hello, Trader's Community! The gold price is expected to open lower on Monday, June 12, 2023, as investors continue to focus on rising interest rates and a strengthening US dollar. However, some analysts believe that the gold price could bottom out soon, and start to rise again.
Here are some of the factors that could impact the gold price on Monday:
* **Interest rates:** The US Federal Reserve is expected to raise interest rates by 0.50% on Wednesday, June 15, 2023. This could put further pressure on the gold price.
* **US dollar:** The US dollar is expected to remain strong on Monday, which could make gold more expensive for buyers holding other currencies.
* **Geopolitical risks:** The war in Ukraine is still ongoing, and this could continue to support gold prices.
* **Inflation:** Inflation is still high in the US, and this could support gold prices as investors look for a hedge against inflation.
Overall, the gold price is expected to be volatile on Monday. However, some analysts believe that the gold price could bottom out soon, and start to rise again.
Here are some of the levels that traders will be watching on Monday:
* **Support:** $1,960 per ounce
* **Resistance:** $1,980 per ounce
If the gold price breaks below $1,960 per ounce, it could extend its decline to $1,940 per ounce. However, if the gold price breaks above $1,980 per ounce, it could rally to $2,000 per ounce.
It is important to note that these are just a few of the factors that could impact the gold price on Monday. The actual price movement may differ from what is expected.
Here are some of the factors that could impact the gold price on Monday:
* **Interest rates:** The US Federal Reserve is expected to raise interest rates by 0.50% on Wednesday, June 15, 2023. This could put further pressure on the gold price.
* **US dollar:** The US dollar is expected to remain strong on Monday, which could make gold more expensive for buyers holding other currencies.
* **Geopolitical risks:** The war in Ukraine is still ongoing, and this could continue to support gold prices.
* **Inflation:** Inflation is still high in the US, and this could support gold prices as investors look for a hedge against inflation.
Overall, the gold price is expected to be volatile on Monday. However, some analysts believe that the gold price could bottom out soon, and start to rise again.
Here are some of the levels that traders will be watching on Monday:
* **Support:** $1,960 per ounce
* **Resistance:** $1,980 per ounce
If the gold price breaks below $1,960 per ounce, it could extend its decline to $1,940 per ounce. However, if the gold price breaks above $1,980 per ounce, it could rally to $2,000 per ounce.
It is important to note that these are just a few of the factors that could impact the gold price on Monday. The actual price movement may differ from what is expected.