Short-term rebound in gold

Short-term rebound in gold

2021-06-07 • Updated

H4 Chart

gold 4h.png

Daily Chart

gold 1d.png

Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near the $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable. The technical indicators still suggesting another leg lower in the coming days. The downside retracement may target 1860 and 1850 USD/Oz where we will reassess our medium-term long positions that were issued back in April, while we maintain our stop loss at 1835 for now.

S3

S2

S1

Pivot

R1

R2

R3

1801.15

1841.25

1866.42

1881.35

1906.52

1921.45

1961.55

TRADE NOW

Similar

Gold reached our retracement target
Gold reached our retracement target

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's breakdown: what's next?
Gold's breakdown: what's next?

Gold price failed to break above $1900 last week and slid down. Read the article to see the technical outlook for the price!

Careful with gold longs
Careful with gold longs

Gold managed to rally yesterday on the back of the US inflation data which posted the highest reading since the 2008 financial crisis,

Latest news

Microsoft hit record high
Microsoft hit record high

These days, investors’ attention is on Microsoft ahead of the company’s Windows 11 event on June 24.

Technical analysis for EUR/USD
Technical analysis for EUR/USD

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.

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera