Gold little changed, rises nearly 25% in H1 2016

Gold ended the day virtually unchanged on Thursday but ended the first half of the year around 25% higher.

While investors continue to assess the UK decision to leave the European Union, Carney hinted at an August rate cut by the BoE.

Gold closed the day around $1,319 an ounce, almost flat for the session, as it goes through a phase of consolidation after pulling back from 2-year highs scored last Friday.

Gold technical view

“Nevertheless, the risk bright metal retains its positive tone, as in the daily chart the price is well above a strongly bullish 20 SMA, whilst the technical indicators have turned flat within positive territory, after correcting overbought readings,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the price converges with a horizontal 20 SMA, and stands a few cents below the 23.6% retracement of its latest bullish run around 1,320.50, whilst the Momentum indicator heads north above its 100 level and the RSI consolidates around 56, supporting additional gains for this Friday.”

Support levels: 1,310.40 1,303.65 1,294.25. Resistance levels: 1,320.50 1,335.60 1,342.60.