On Monday (June 2), spot gold continued its intraday gains, hitting a one-week high of around $3,359 in the European session. Concerns about the deterioration of the US fiscal situation, coupled with the market's general expectation that the Federal Reserve will cut interest rates again in 2025, have caused the dollar to fall back to near the monthly low; this trend has provided important support for gold.
Technical analysis and interpretation:
From the daily chart, spot gold successfully broke through the key resistance area of $3,323-3,328, triggering a technical buying influx. The price is running below the upper track of the Bollinger Band at $3,409.08, the middle track of $3,293.04 provides dynamic support, and the lower track of $3,181.00 constitutes far-end support.
The important resistance above is at the $3,400 integer mark and the previous high of $3,430, and the support below is $3,333, $3,317, and $3,306 respectively.
Trend in the future: With the technical breakthrough and the positive fundamentals, gold is expected to test the round mark of $3,400 in the short term. If it can effectively break through this position, it will open up further upside to the previous high of $3,430. However, traders should be wary of profit-taking pressure, and the $3,317-3,330 area will become an important support.
Long-term trend: The Fed's expectations of a rate cut cycle, continued geopolitical risks, and concerns about the US fiscal situation will continue to support the medium- and long-term trend of gold. However, if the US economic data is stronger than expected or the Fed's stance turns hawkish, it may limit the rise of gold.
If you need to obtain customized trading plans, key point budgets and risk control suggestions, seize important opportunities in a complex market environment. Welcome to leave a message with Henry.
GOLD XAUUSD XAUUSD XAUUSD GOLD XAUUSD XAUUSD
Technical analysis and interpretation:
From the daily chart, spot gold successfully broke through the key resistance area of $3,323-3,328, triggering a technical buying influx. The price is running below the upper track of the Bollinger Band at $3,409.08, the middle track of $3,293.04 provides dynamic support, and the lower track of $3,181.00 constitutes far-end support.
The important resistance above is at the $3,400 integer mark and the previous high of $3,430, and the support below is $3,333, $3,317, and $3,306 respectively.
Trend in the future: With the technical breakthrough and the positive fundamentals, gold is expected to test the round mark of $3,400 in the short term. If it can effectively break through this position, it will open up further upside to the previous high of $3,430. However, traders should be wary of profit-taking pressure, and the $3,317-3,330 area will become an important support.
Long-term trend: The Fed's expectations of a rate cut cycle, continued geopolitical risks, and concerns about the US fiscal situation will continue to support the medium- and long-term trend of gold. However, if the US economic data is stronger than expected or the Fed's stance turns hawkish, it may limit the rise of gold.
If you need to obtain customized trading plans, key point budgets and risk control suggestions, seize important opportunities in a complex market environment. Welcome to leave a message with Henry.
GOLD XAUUSD XAUUSD XAUUSD GOLD XAUUSD XAUUSD Note
In the short term, gold is blocked near the resistance of 3400, and the selling pressure is large. The gold price has retreated 30 US dollars per ounce. It is not ruled out that it will continue to seek support downward, and traders need to pay attention.
Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.