Core view of today's gold price trend
Large cycle pattern
Gold is currently in a long-term shock (large sideways market), similar to the wide shock stage after the peak in 2011. We need to be vigilant against extreme trends such as sudden surges and plunges, V-shaped reversals.
Fundamental contradictions (Fed policy uncertainty, geopolitical situation, economic data disturbances) are the main causes of shocks, and the trend direction has not yet formed.
Medium-term (June) outlook
Tend to be bearish: 3403 points may be a stage high point, if confirmed, it will gradually fall back.
3280→3240→fall below 3200 points; if 3403 points is just a correction, it may rise again and then fall back.
Weekly inverted T pattern + daily MACD dead cross, showing heavy selling pressure above, technically bearish.
Key positions and trading strategies:
Support level:
Short-term: 3295-3300 (0.382 retracement level + 20/40 day moving average + weekly moving average), if it falls below, the downward direction: 3280→3275→3264.
Medium-term: 3240-45 (strong support level), further breakthrough will open up the space below 3200.
Extreme support level: 3180-3200 (monthly target level).
Resistance area
Key pressure: 3330-3340 (Friday's breakthrough point + June 3 low), if it breaks through, it may reverse and test 3360-65→3380→3400.
Strong defense position: 3357-3365 (weekly short layout area).
Intraday operation suggestions
Mainly short on rebound
Aggressive: short with a light position near 3335, stop loss 3345, target 3290→3280.
Steady: short in 3340-3345 area, stop loss 3357, target 3300→3280.
*If it stabilizes unexpectedly at 3340, temporarily stop short positions and wait for a higher position (3360-65) to be deployed.
Short-term long opportunities below
When the price first touches 3290-3280, you can go long with a light position, stop loss 3275, target 3310-3320 (quick entry and exit).
If it falls to 3240-45 area, you can try to rebound long orders, stop loss 3230, target 3280-3300.
Large cycle pattern
Gold is currently in a long-term shock (large sideways market), similar to the wide shock stage after the peak in 2011. We need to be vigilant against extreme trends such as sudden surges and plunges, V-shaped reversals.
Fundamental contradictions (Fed policy uncertainty, geopolitical situation, economic data disturbances) are the main causes of shocks, and the trend direction has not yet formed.
Medium-term (June) outlook
Tend to be bearish: 3403 points may be a stage high point, if confirmed, it will gradually fall back.
3280→3240→fall below 3200 points; if 3403 points is just a correction, it may rise again and then fall back.
Weekly inverted T pattern + daily MACD dead cross, showing heavy selling pressure above, technically bearish.
Key positions and trading strategies:
Support level:
Short-term: 3295-3300 (0.382 retracement level + 20/40 day moving average + weekly moving average), if it falls below, the downward direction: 3280→3275→3264.
Medium-term: 3240-45 (strong support level), further breakthrough will open up the space below 3200.
Extreme support level: 3180-3200 (monthly target level).
Resistance area
Key pressure: 3330-3340 (Friday's breakthrough point + June 3 low), if it breaks through, it may reverse and test 3360-65→3380→3400.
Strong defense position: 3357-3365 (weekly short layout area).
Intraday operation suggestions
Mainly short on rebound
Aggressive: short with a light position near 3335, stop loss 3345, target 3290→3280.
Steady: short in 3340-3345 area, stop loss 3357, target 3300→3280.
*If it stabilizes unexpectedly at 3340, temporarily stop short positions and wait for a higher position (3360-65) to be deployed.
Short-term long opportunities below
When the price first touches 3290-3280, you can go long with a light position, stop loss 3275, target 3310-3320 (quick entry and exit).
If it falls to 3240-45 area, you can try to rebound long orders, stop loss 3230, target 3280-3300.
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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.
💸Free signal：t.me/+mXGe9RqxR2QwNjdk
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.