empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

03.06.202212:32 Forex Analysis & Reviews: Trading plan for Gold on June 03, 2022

Exchange Rates 03.06.2022 analysis

Technical outlook:

Gold prices rose to $1,874 intraday on Friday before pulling back. The yellow metal is trading at around $1,865-66 at this point in writing and is expected to test $1,828 before resuming its rally. Intraday resistance is seen at $1,878 as bears prepare to come back in control in the near term.

Gold has been in a counter-trend rally from the $1,786 lows and is pushing through $1,920. We could see the price that high before it turns lower following the larger trend. The yellow metal seems to be into its last leg rally after carving a higher low at around $1,828 earlier. If the above structure holds well, prices would stay above $1,828 and continue pushing higher towards $1,920.

Alternatively, if the drop from $1,870 is taking a complex correction, prices would drop through the $1,820-25 zone from here before resuming a rally. Also, note that $1,820 is the Fibonacci 0.618 retracement of the recent upswing between $1,786 and $1,870. Traders will be looking to add more longs if prices drop towards $1,820.

Trading plan:

Potential rally through $1,920 against $1,781

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.