Gold is  nearing key support

Gold is nearing key support

2021-06-04 • Updated

In line with our expectations, gold declined sharply during yesterday’s trading, reaching as low as $1860 earlier today during the Asian session. I hope none of you is stuck with any long positions over $1900 as we warned for the past few days that buying Gold above $1900 would be a mistake. In the meantime, the current downside move is still considered as a short-term retracement, which may continue towards $1850 or $1840. The technical indicators are now far away from being overbought and I would like to see some stabilization in the coming days over $1840 before thinking about new long positions, while the US Jobs Report today might be the catalyst for further declines to test that support.

S3

S2

S1

Pivot

R1

R2

R3

1793.82

1837.92

1854.34

1882.02

1898.44

1926.12

1970.22

4H Chart

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Daily Chart

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