Gold was again under the pressure of the dollar, but the rates still continue in the frames of the upward trend that formed last year. A week ago the Gold reached the highest price level this year amid a weakening of the USD because of the failure of Trump's healthcare reform, as well as the official start of Brexit. Nevertheless, now the dollar is again in the offensive due to the positive statistics from the US. In particular, the consumer confidence index rose to 125.6, much higher than the forecasted level. The US GDP reached 2.1%, as expected. Also, gold lost in prices due to statements by Federal Reserve members who expect a rate hike two more times this year.
However, the gold is in no hurry to retreat. Now the rates of Gold are at a level close to this year's maximum. Investors fear the unstable economic and political situation in the EU and Trump's policy, which is facing huge resistance. Many reforms are blocked by the courts or the U.S Congress. This may have a negative impact on the dollar. On the other hand, strong economic statistics and the high level of income USD index motivates investors to choose the dollar.
In this situation the best solution is to open the deals on the trend. It's worth it expecting any further significant growth in Gold prices. The uptrend may lose the intensity, but it will be saved in the near future. The Stochastics oscillator also indicates a signal to open the deals to BUY.
