GOLD BULLISH
XAUUSD Technical Analysis 06.06.2022 1h chart
– Another Monthly candle closing Bearish on Gold respecting the current Bearish structure as the previous Monthly candle tapped Monthly Support at 1800 area formed on FEB 2022 and the previous Weekly candle closing Doji Bearish there could be a higher probability for a Wick Fill on the Monthly to 1800 again tapping the Monthly and the strong Weekly Support around 1780, regardless of the previous Weekly candle breaking the Highs and Lows of the 2nd previous weekly candle the Bearish momentum is still pretty much there.
-So for price tapping the 1875 area is just a retracement on the HTF as the current monthly high of 1875 tapped the April’s Monthly Low of 1875 and the Buys are short-lived, with the Federal Reserve hinting at more rate hikes we could see more Sells playing out, Also the price has formed strong Daily Resistance at around 1868. Paying attention to a higher timeframe can give you a better idea of what to look for overall.
– Another Monthly candle closing Bearish on Gold respecting the current Bearish structure as the previous Monthly candle tapped Monthly Support at 1800 area formed on FEB 2022 and the previous Weekly candle closing Doji Bearish there could be a higher probability for a Wick Fill on the Monthly to 1800 again tapping the Monthly and the strong Weekly Support around 1780, regardless of the previous Weekly candle breaking the Highs and Lows of the 2nd previous weekly candle the Bearish momentum is still pretty much there.
-So for price tapping the 1875 area is just a retracement on the HTF as the current monthly high of 1875 tapped the April’s Monthly Low of 1875 and the Buys are short-lived, with the Federal Reserve hinting at more rate hikes we could see more Sells playing out, Also the price has formed strong Daily Resistance at around 1868. Paying attention to a higher timeframe can give you a better idea of what to look for overall.
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