GOLD : TECHNICAL ANALYSIS BASED ON DAILY TIMEFRAME, 16-06-2019
Current view showed gold was tried to break resistance on prices 1358.08 but it pullback price and ran into resistance on prices 1340.80 . Candlestick closed with shooting star pattern which is long upper shadow that indicate price maybe start falling.
Gold futures gave up much of their earlier gains on Friday, with strength in the U.S. dollar prompting prices for the precious metal to post only a modest gain for the session, down significantly from their highest intraday level in 14 months.
Prices eased back from the session’s best levels with the dollar on track for a gain on the week, putting some pressure on dollar-denominated gold prices. The ICE U.S. Dollar Index DXY, +0.45% rose 0.6% Friday, set for a weekly rise of 1.1%.
Gold for August delivery GCQ19, +0.06% climbed 80 cents, or nearly 0.1%, to settle at $1,344.50 an ounce. Most-active contract prices settled at their highest in a week, but were still 0.1% lower than last Friday’s settlement of $1,346.10, FactSet data show. Prices had climbed to as high as $1,362.20 during Friday’s session, which was the highest intraday since April 2018.
My forecast on gold prices for next week (17 - 21 June 2019) is gold will short to next support area.
NOTE : This is just trading idea with others. Not recommended to follow as a signal. Trade as your own risk.
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