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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
Daily Chart
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