Since 2017 started USD has been bearish, causing Gold prices to rise. Now half way through the year will the trend change? We have a FED rate decision on Wednesday (JUNE 14) which could be the catalyst for a reversal or confirmed continuation. The FED is expected to raise rates but have shed doubts on further tightening this year based on the weaker data that has been coming in highlighted by last weeks sluggish employment report.
Furthermore, 1295 zone has been rejected (doesn't look like consolidation in the past). The next major zone is the 1260 area in which we can expect a bounce or a break leaving us with confirmation of continued upside or a series of LH, LL. The significance of this 1260 area would break the sequence of HH and HL that have been forming throughout 2017.
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FED rate hike and hawkish statements by FED chair Janet Yellen has given strength to USD, a nice close below 1260 would be a god confirm. Lets see how the week ends.