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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
Daily Chart
Gold prices tumbled during the first trading day of the week declining to as low as 1844 USD/Oz. However, it was able to trim these losses and closed the day around 1866 USD/Oz.
Gold price failed to break above $1900 last week and slid down. Read the article to see the technical outlook for the price!
Gold managed to rally yesterday on the back of the US inflation data which posted the highest reading since the 2008 financial crisis,
These days, investors’ attention is on Microsoft ahead of the company’s Windows 11 event on June 24.
EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920.
NZD/USD has returned above the 50-week MA at 0…
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