Yesterday (June 12th):
- Gold prices experienced some volatility after a strong surge earlier in the week.
- The price ultimately closed slightly down, hovering around the psychological level of $2,300 per ounce.
Key Technical Levels:
- Resistance:
- $2,350 (Recent High)
- $2,375 (Weekly High)
- $2,400 (Psychological Level)
- Support:
- $2,300 (Psychological Level)
- $2,273 (50-Day Moving Average)
- $2,250 (June Low)
Indicators:
- Moving Averages: The 50-Day Moving Average at $2,273 is a key level to watch. A break below could indicate a continuation of the downtrend.
- Relative Strength Index (RSI): If available, check the RSI. A reading above 50 suggests possible buying pressure, while below 50 indicates potential selling pressure.
Overall:
- The short-term trend for gold is currently unclear.
- The recent price action indicates consolidation around $2,300.
Here are some trading ideas based on the technical analysis (Disclaimer: This is not financial advice):
- Bullish Scenario: If the price breaks above $2,350 and holds, a move towards the weekly high of $2,375 or even a retest of $2,400 is possible. This could be supported by a weakening US dollar or dovish signals from the Fed.
- Bearish Scenario: If the price falls below $2,273 (50-Day Moving Average) and the RSI dips below 50, a decline towards the June low of $2,250 or even lower could be on the horizon.
Important Note:
- This analysis is based on publicly available information and should not be considered trading advice.
- Gold trading is risky, and you can lose money. Always conduct your own research before making any trades.
Additional Resources:
- Investing.com: XAU USD Technical Analysis – https://www.investing.com/currencies/xau-usd-technical
- TradingView: XAUUSD Chart – Gold Spot US Dollar Price – https://www.tradingview.com/symbols/XAUUSD/
- YouTube: XAuUSD Gold Technical Analysis 10 to 14 June 2024 (be cautious of video recommendations and forecasts) – https://www.youtube.com/watch?v=L955sM8Ky5k