Potential higher interest rates and a reduction in liquidity through a higher IOER (although the increase is only symbolic) is slightly negative news for gold, at least in the very short term. For several minutes, gold lost 1.5%. It can be seen that the failure to establish a new peak on June 11 led to a stronger downward move, which is now continued and price broke below the 23.6 Fibonacci retracement of the last upward wave. The nearest support is located near the 38.2 retracement, while the key support can be found at 1,795 per ounce.
GOLD, H1 interval. Source: xStation5
Market Wrap: France’s Budget, Spain’s Elections. Politics Returns to the Markets
Economic Calendar - Key Services PMIs for Europe and the US, and Central Bankers' Decisions
Morning Briefing: Dollar gains, oil falls. EURUSD at multi-month lows
Oil down nearly 5% following the announcement that European diesel reserves will be released💡