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Gold prices fell $7.97 an ounce yesterday, down for the fourth straight session to $1194.62, as expectations the Federal Reserve would begin to increase interest rates in June continued to weigh on the market. In economic news on Thursday, the Labor Department’s data showed initial claims for state unemployment benefits remained below 300K threshold for the fifth straight week. Gold has come under renewed pressure in recent days, after Fed officials said they could being raising rates even if inflation remains stuck at a low level.
Breaking below the 1198 level dragged the market to the 1193/1 area, where the Ichimoku cloud reside on the 4-hour time frame, as expected. As I mentioned in yesterday’s analysis, this is a key support that the bears have to capture if they intend to increase selling pressure and make an assault on the 1183.27 – 1181 region. Since the daily Kijun-sen (twenty six-day
Article source: https://www.dailyforex.com/forex-technical-analysis/2015/04/gold-retreats-to-1193-1-dollars-support-as-dollar-gains/43458
SOURCE: Daily Forex Signals – Read entire story here.
