الذهب التحليل الفني - الذهب التداول: 2017-05-11

The win by centrist Emmanuel Macron in French presidential election runoff on May 7 removed the major political uncertainty supporting gold prices recently. The defeat of National Front leader Marine Le Pen eliminated the danger to European Union integrity: Marine Le Pen had vowed to hold a referendum on European Union membership in six months time if she won. She also supported abandoning euro. With a major bullish factor removed, gold prices remain subject to the same bearish factor – tightening of Fed monetary policy. On Tuesday Kansas City Fed President Esther George said the central bank should still stick to gradually raising rates despite some recent soft data such as low first quarter GDP at 0.7% annual rate and lower auto sales. George supported also shrinking Fed’s balance sheet later this year by reducing reinvestments in maturing mortgage-backed securities and long-term Treasury securities. In last week’s FOMC statement central bank policy makers deemed first quarter GDP as ‘transitory’, noting that consumer spending continued to be solid, business investment had firmed and inflation has been "running close" to the Fed's target. According to the CME’s FedWatch tool, fed fund futures traders are pricing in an 88% chance of a rate increase at the US central bank’s June 14 meeting.