DAX ANALYSIS
The DAX, although at the moment yesterday could not break the new historical highs, continues to make ascending lows and for now it seems that it has some desire to continue rising ... but the intraday corrections reduce its strength. As for data, today there are interest rates in the USA.
Comment on Gold on June 16, 2021:
Ending yesterday's session precious metal Gold had another day of declines from 1868 to 1851 ($ 17) closing the day at 1858. With the close of the day with a bearish candle with the latter bottom lower than the previous one. Therefore, in addition, there is a band opening on the D1 daily chart, so in my opinion, today precious metal Gold will likely continue to decline to lower prices.
- Switching to a shorter time frame than H4 we can see that Gold is still at the support zone around 1855 but with the current downward force, I think if there are slight uptrends of precious metal Gold is also a point for us to establish a sell position and the price of 1855 will be difficult to stand and if the support area is broken at 1855, the possibility of Gold will drop to 1845 and beyond possibly 1835.
The Fed's June interest rate meeting is about to begin and three important points deserve the attention of traders:
On June 17, the Federal Reserve will announce the decision on interest rates. Some economists say discussions about reducing debt purchases could start this week, but only at a preliminary level. The specifics of the $120 billion monthly purchase reduction are expected to be announced later this year. The Fed will then issue new forecasts and possibly raise rates for the first time in 2023.
Traders can keep the following 3 points in mind during tonight's rate meeting
1. The Fed May Start Discussing Debt Purchase Cuts
2. Do high inflation rates prompt the Fed to raise inflation expectations?
3. Will the Fed make technical adjustments to some short-term interest rates?
Based on the above information, it can be seen that the market predicts that the Fed will remain stable this week and possibly raise inflation expectations, they may consider raising interest rates until 2023. Also, the Fed could send a signal to the market that they are considering a change in bond buying policy, which is expected to provide a definite boost to the US dollar index, but the strength may not be too great. and the US dollar may still pull back quickly after it rises.
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