Gold Pulls Back After Testing Resistance

17 Jun

📊 Market Overview:

Gold fell to a low of $3,374 earlier today after testing the $3,434 resistance late last week. The drop was primarily due to profit-taking near recent highs, alongside a mild recovery in the US dollar. Despite this pullback, the medium-term uptrend remains supported by expectations of upcoming Fed rate cuts and persistent geopolitical tensions in the Middle East.


📉 Technical Analysis:

• Key Resistance: $3,434 – $3,450
• Nearest Support: $3,374 – $3.360
• EMA: Price remains above both EMA 09 and EMA 20, suggesting a continuation of the short-term bullish trend.
• Candlestick / Volume / Momentum:
o RSI is holding around 61–63, no longer in overbought territory.
o MACD remains positive, though upward momentum has slowed.
o Bearish candles during the Asian session suggest lingering sell pressure near $3,430. A technical rebound from $3,374 is currently underway.


📌 Outlook:

Gold may consolidate between $3,370–$3,390 in the near term. If the $3,360 support holds, a rebound toward $3,420–$3,440 is likely. However, a stronger USD could increase downside pressure.


💡 Suggested Trade Strategy:

🔻 SELL XAU/USD at: $3,410 – $3,420
🎯 TP: $3,385
❌ SL: $3,430
🔺 BUY XAU/USD at: $3,374 – $3,378
🎯 TP: $3,400 – $3,420
❌ SL: $3,360

17 Jun

Dagangan aktif

Spot gold has just dropped to 3366.8 USD/ounce, losing nearly 9 USD compared to the previous session, as the US dollar rebounds and risk sentiment rises among investors.