XAUUSD Gold's latest trend analysis and strategy on June 9:
Basic logic analysis:
Decrease in risk aversion:
Easing trade tensions between China and the US are weakening short-term demand for gold as a safe haven, but long-term uncertainties (such as the outlook for global economic recovery and Federal Reserve policies) still support gold's safe-haven properties.
Bearish technical bias dominates:
Weekly chart: Inverted hammer candlestick + negative MACD crossover at high levels, indicating a risk of correction.
Daily chart: Two consecutive bearish candles broke the short moving averages, MACD crossover is negative, but beware of the strength of the mid-Bollinger band support (near 3295).
4-hour timeframe: The price broke the lower Bollinger Band, the moving averages indicate a downtrend, and the MACD momentum is trending down, reinforcing the short-term negative outlook.
Important price levels:
Upper resistance:
First resistance: 3328-3330 (represents the dividing line between strength and weakness during the day, and a bearish pressure point).
Strong resistance: 3345-3350 (if broken, the short-term negative outlook may be reversed).
Bottom support:
First support: 3290-3280 (test target at the beginning of the week, may lead to a rebound).
Strong support: 3280 (if broken, it may open the way to a decline towards 3250-3230).
Trading Strategy Suggestions:
Opportunity to sell (short positions):
Aggressive: Sell with light positions after the rebound to 3325-3330, stop loss above 3340, target 3300-3290.
Conservative: Wait for price pressure in the 3340-3345 area before entering, stop loss at 3355, target as above.
Buying Opportunity (Long Positions):
Short-term bounce: If the price touches 3280-3290 and stabilizes (without a quick break down), a short position can be entered, stop loss at 3275, and target 3310-3320.
Bounce after break: If the 3280 level is broken quickly and then rebounds under pressure at 3295-3300, a short trade can be entered again.
Break above 3350: Temporarily close short positions, wait to see if the price will retest support before switching to buying.
Break below 3275: Be cautious when chasing the decline, as a technical rebound from lower levels may occur, so it is advisable to wait for a rebound before selling again.
Data Risk: The market may experience high volatility before and after the release of non-farm payrolls data, and caution is advised against sharp fluctuations.
Sudden Events: Any unexpected changes in geopolitics or Fed policy expectations could lead to a reversal of technical trends.
Position Management: Although the current trend is downward, it has not been confirmed as a single trend. Therefore, it is recommended to trade with light positions in stages, and avoid entering heavy positions in a specific direction.
Gold is likely to continue its volatile trend with a downward bias over the coming week, but beware of bullish attacks at key support levels. The primary trading strategy is to sell at high retracement points, with strategic support from light buying at key support levels, while adhering to stop losses and monitoring news developments.
Just a Heads-Up:
This is my take on the charts—not gospel, not financial advice, and definitely not a crystal ball 🔮. Trading is part skill, part patience, and part “what just happened?” 😅
We all see things a little differently, and that’s the beauty of it. So if you’ve got a hot take, wild theory, or just want to drop some chart wisdom—hit the comments!
Let’s grow, learn, and laugh through the madness together. 🚀📈
Each one, teach one.
— Phoenix FX Team 🔥🦅
PhoenixFXTeam, your ethical trading partner
t.me/PhoenixFXPublic
Contact us here: contact@pfxteam.com
t.me/PhoenixFXPublic
Contact us here: contact@pfxteam.com
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.
PhoenixFXTeam, your ethical trading partner
t.me/PhoenixFXPublic
Contact us here: contact@pfxteam.com
t.me/PhoenixFXPublic
Contact us here: contact@pfxteam.com
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.