| The action in the gold futures market (June 15) suggest that the metal will more than likely rise from here. During the session on Wednesday, we had the FOMC meeting minutes released, and they suggested that a June interest rate hike is very unlikely out of the Federal Reserve. This of course will build a bit of a case for owning gold, as the US dollar will more than likely struggle.
However, we didn’t necessarily think there was an imminent hike coming, and I think that the market in general was already looking at that possibility. It is because of this that we are looking for a gradual gain in the gold market, not some kind of “melt up.” The candle from the Wednesday session also makes a case for buying as far as we can see...............................................Full Article: Source
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