📊 Market Overview:
Gold prices are currently around $3,307/oz, up 0.5% on June 2, supported by safe-haven demand amid escalating geopolitical tensions and trade concerns. However, after reaching a peak of $3,500 in April, gold has corrected as market sentiment shifted towards riskier assets due to easing US-China trade tensions.
📉 Technical Analysis:
• Key Resistance: $3,325 – $3,350
• Nearest Support: $3,280 – $3,265
• EMA: Price is above EMA 09 → uptrend.
• Candlestick Patterns / Volume / Momentum: Gold is in a consolidation phase with a slight upward bias. Technical indicators like RSI(14) at 56.183 and MACD(12,26) signaling buy suggest continued upward momentum.
📌 Outlook:
Gold may experience a short-term correction if it fails to hold the $3,280 support level. However, the long-term trend remains positive if the price stays above EMA 09 and does not break key support.
💡 Suggested Trading Strategy:
SELL XAU/USD at: $3,325 – $3,330
🎯 TP: $3,305
❌ SL: $3,335
BUY XAU/USD at: $3,280
🎯 TP: $3,300
❌ SL: $3,270
Gold prices are currently around $3,307/oz, up 0.5% on June 2, supported by safe-haven demand amid escalating geopolitical tensions and trade concerns. However, after reaching a peak of $3,500 in April, gold has corrected as market sentiment shifted towards riskier assets due to easing US-China trade tensions.
📉 Technical Analysis:
• Key Resistance: $3,325 – $3,350
• Nearest Support: $3,280 – $3,265
• EMA: Price is above EMA 09 → uptrend.
• Candlestick Patterns / Volume / Momentum: Gold is in a consolidation phase with a slight upward bias. Technical indicators like RSI(14) at 56.183 and MACD(12,26) signaling buy suggest continued upward momentum.
📌 Outlook:
Gold may experience a short-term correction if it fails to hold the $3,280 support level. However, the long-term trend remains positive if the price stays above EMA 09 and does not break key support.
💡 Suggested Trading Strategy:
SELL XAU/USD at: $3,325 – $3,330
🎯 TP: $3,305
❌ SL: $3,335
BUY XAU/USD at: $3,280
🎯 TP: $3,300
❌ SL: $3,270
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.