GOLD - Heading towards Target $1557

Market has conviction that Federal Reserve will cut down interest rates during their 18th June meeting, to hinder the slowdown in global growth, which has been saddled with protracted trade tensions between America and China. Perhaps, there is no likely imminent resolve between these two economies even during G20 summit in Osaka, Japan. Therefore, all the above mentioned factors underpinned the bullish journey of safe haven.

Coming on technical aspect, there is formation of an ascending triangle pattern in a monthly frame chart. I expect the breakout of this pattern and the first target will be $1557 in subsequent trading days.