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

06.06.202223:48 Forex Analysis & Reviews: Gold: new bearish pattern before US data

The price of gold rebounded a little in the short term but the downside pressure remains high as the Dollar Index maintains a bullish bias. Later, the US data could be decisive in the short term. XAU/USD is trading at 1,837 at the time of writing.

The US PPI is expected to report a 0.4% growth while Core PPI may register a 0.3% growth. In addition, the Unemployment Claims indicator is expected at 200K in the last week. Positive US figures should lift the greenback and could force the yellow metal to drop.

XAU/USD Flag Formation!

Exchange Rates 06.06.2022 analysis

As you can see on the h1 chart, the instrument found support on the weekly S1 of 1,832 and now it has turned to the upside. The price action developed a flag pattern which could announce a downside continuation.

Technically, the weekly S1 (1,848) and the black downtrend line represent strong upside obstacles.

XAU/USD Forecast!

Taking out the flag's support and making a valid breakdown below the weekly S2 (1,832) is seen as a selling opportunity.

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

Egor Danilov,
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.