PAXG

Elliott Wave StructureAn impulsive 5-wave structure has been identified (1-2-3-4-5 upward),followed by a corrective A-B-C pattern forming a falling wedge/channel, which has now broken to the upside.Breakout & Potential MovementThe breakout from the descending trendline signals a potential bullish reversal.Currently, price is in a retest phase, likely seeking a pullback before continuation.Demand Zones OverviewMinor Demand ZoneUpper: 3305 – 3314Lower: 3290 – 3294→ Acts as a short-term pullback area. If price holds here, continuation is likely without needing to revisit deeper zones.Major Demand ZoneUpper: 3208 – 3217Lower: 3185 – 3192→ Considered a stronger support area. If the minor zone fails, buyers may step in significantly from here.Trading ScenariosBullish Scenario (Preferred)Price retests minor demandBullish rejection forms → Buy entryTarget: Retest previous highs (~3500) or start of a new impulsive waveBearish Scenario (Alternative)Price breaks below minor demand → Continues toward major demandSafer buy setup if bullish candle or divergence confirms at major zone

Hello dear traders!Gold prices continued to decline against the US Dollar (USD) on Friday, falling below the previous psychological support, which is now a resistance level, at 3,350 USD. The main reason is that the US Dollar gained some positive momentum as the market leaned toward the Fed keeping its policy unchanged in July after the May report, causing XAU/USD to drop lower by the weekend.From a technical perspective, as analyzed, Gold broke below the psychological support of 3,350 USD on Friday, with prices approaching the 3,300 USD support level at the time of writing. With the RSI falling to the 30 level, it suggests that the sellers may be losing momentum and global economic stress might limit losses.Regarding the upcoming outlook for XAUUSD: As long as the price holds above the 3,300 USD support level, I maintain a bias toward the buying side. However, if the price clearly breaks below this zone, the bullish outlook may be invalidated, and the short-term trend could shift to neutral or bearish. This is a sensitive area where upcoming price action will provide clearer signals about the market’s next direction.This is just my view on support and resistance zones, not financial advice. Always confirm your setups and trade with proper risk management.

XAUUSD is currently trading within an ascending channel, reflecting a clear bullish structure.Price may return to the lower boundary of the channel before potentially continuing higher. This dynamic support provides a confluence zone for a possible bullish reaction. A successful retest here could pave the way for a move toward the $3,500 level, aligning with the midline of the channel and representing a reasonable bullish target.However, failure to hold this dynamic support could indicate that bullish momentum is weakening and may shift the short-term trend to neutral or bearish.Traders should monitor confirmation signals such as bullish engulfing patterns, strong rejection wicks at the lower trendline, or increased volume on the rebound before considering long positions.Let me know your thoughts or if you see it differently! 🚀

Stop loss points are very useful.I think gold is heading down to support. If it breaks through support, I think gold will enter a clear bearish mode.

Gold News Analysis: During the American trading session on Friday (June 6), gold continued its light decrease in the immediate market, and ended the week at about 3309. Gold rose and fell on Thursday. Earlier, silver exceeded the level of $ 35, recording its highest level in 13 years, prompting gold prices to exceed 3400 dollars, recording its highest level in four weeks at about 3403.28 dollars. However, due to the signal of reducing the trade tensions issued by the leaders of the United States and China during the call, the instant gold price was closed by 0.6% at 3352.65 dollars. The market began to move towards the upcoming non -agricultural job data and trends of federal reserve policies. On June 5, the call between US President Trump and Chinese leaders became the focus of the global financial markets attention. Trump told social media that the two sides have reached a "very positive result" on commercial issues, while Chinese officials stressed the need to withdraw negative measures against China. The market explained this rare dialogue between the leaders as a sign of the melting of trade tensions, which weakened the attractiveness of gold as a safe origin, causing the immediate gold prices to 3,352.65 dollars after it reached the highest level during the day at 3,403.28 dollars. Nevertheless, gold rose by 28 % this year, indicating strong demand amid global uncertainty. Analysts indicated that mitigating trade tensions has a direct impact on the performance of safe haven assets. The decrease in gold prices reflects optimistic market expectations regarding the progress of Chinese -American trade negotiations. Based on the current trend of gold, the market will continue to decrease next week; The decline is not as strong as expected, see first to fill the gap near 3,290, then see the range from 3,260 to 3,250, and provide specific points after updating the indicators on Monday; Focus on pressing near 3,330-3,335 next Monday, looking at open-sales ideas, and giving specific operating suggestions on Monday.

Gold has returned to a weaker stance, trading around $3,309 during the U.S. session. The U.S. dollar gained some positive momentum as markets leaned toward the possibility that the Federal Reserve will keep its policy unchanged in July following the May report, causing XAU/USD to drop lower into the weekend.Additionally, U.S. economic data released on the same day continued to show signs of cooling. Specifically, weekly jobless claims came in higher than both the forecast and the previous week's figures, while the U.S. trade deficit narrowed significantly in May.The index measuring the dollar's strength against a basket of six major currencies remained nearly unchanged. Meanwhile, the yield on 10-year U.S. Treasury bonds rose, and real yields climbed by 2 basis points, putting downward pressure on gold prices.Nevertheless, gold still maintains its long-term uptrend. This correction is seen as a better buying opportunity.

For next week trading sessions i will be looking for possible bearish continuation since market structure already show the sign that it likely to move bearish to liquidate previous lows.

Analysis of gold news:During the U.S. trading session on Friday (June 6), spot gold continued to fall weakly and ended the week at around 3309. Gold rose and fell on Thursday. Earlier, silver broke through the $35 mark, hitting a 13-year high, driving gold prices to break through the $3400 mark, hitting a four-week high of around $3403.28. However, due to the signal of easing trade tensions released by the US and Chinese leaders during the call, the spot gold price closed down 0.6% at $3352.65. The market began to turn its attention to the upcoming US non-farm payrolls data and the policy trends of the Federal Reserve. On June 5, the call between US President Trump and Chinese leaders became the focus of global financial markets. Trump said on social media that the two sides reached a "very positive conclusion" on trade issues, while Chinese officials emphasized that negative measures against China should be withdrawn. This rare dialogue between leaders was interpreted by the market as a signal of thawing trade tensions, weakening the appeal of gold as a safe-haven asset, causing spot gold prices to fall back to $3,352.65 after an intraday high of $3,403.28. Despite this, gold has risen by about 28% this year, showing its strong demand amid global uncertainty. Analysts pointed out that the easing of trade tensions has a direct impact on the performance of safe-haven assets. The decline in gold prices reflects the market's optimistic expectations for the progress of Sino-US trade negotiations.Judging from the current trend of gold, the market will continue to fall next week; the decline is not as strong as expected, first look at the gap filling near 3,290, then look at the range of 3,260 to 3,250, and give specific points after updating the indicators on Monday; focus on the pressure near 3,330-3,335 next Monday, consider shorting ideas, and give specific operational suggestions on Monday.

Gold is running wave 3, planning to go down to the near resistance zone then run wave 4 to the area just broken out, continue running wave 5 to decrease to complete the short-term decrease cycleEveryone pay attention to the transaction, I have noted the price zones for everyone to refer to. Thank you traders for reading the article.Follow me to see my analysis and comments on Gold !!!Best regards, StarrOne !!!

Weekly Outlook for Gold Prices at $3,311: Key Drivers and Technical AnalysisCurrent gold prices are at **$3,311**, with recent market fluctuations leaving next week’s trend full of uncertainty. Let’s first review recent developments: after the release of Friday’s Nonfarm Payroll (NFP) data, gold prices plummeted to close at $3,311. The NFP data has had a significant impact on the market, as it reflects the state of the U.S. labor market, which is closely tied to the economic outlook.News-Based Influences on Gold Prices1.Trade Developments and Risk AppetitePositive signals in trade talks have raised market risk appetite, causing capital to shift from safe-haven assets like gold to riskier assets—a trend that has pressured gold prices. For example, a recent phone call between Chinese and U.S. leaders signaling a of trade tensions (easing of trade tensions) triggered a drop in gold prices.2.Federal Reserve Policy ExpectationsMarket speculation about whether the Fed will cut rates at its June 17 meeting remains a key factor. A clear signal of rate cuts could weaken the U.S. Dollar Index, providing upward momentum for dollar-denominated gold prices. Conversely, strong NFP data that cools rate-cut expectations would put short-term pressure on gold.3.Geopolitical RisksInstability in regions such as the Taiwan Strait and the Middle East cannot be ignored. A sudden escalation of tensions in these areas could rapidly ignite market risk aversion, driving investors toward gold as a safe haven and potentially triggering a 5% daily surge in prices. Close monitoring of regional developments is essential.Technical Analysis: Key Levels and Trends- 4-Hour Chart Overview:Gold prices have seen a minor pullback but remain above the 48-day bull-bear divide line. Both the MACD indicator’s double lines and momentum bars are expanding above the zero axis, indicating sustained bullish momentum.- Critical Price Levels:- Resistance:- First resistance: $3,346- Second resistance: $3,360- Support:- First support: $3,300- Second support: $3,280- Upward Scenario: A break above $3,360 could open the door to challenges at **$3,380** or higher.- Downward Scenario: A breach below $3,300 may lead to further declines toward **$3,250** in search of support.Conclusion: A Week of Range-Bound VolatilityNext week’s gold market will be influenced by a mix of Federal Reserve policy expectations, geopolitical tensions, and key economic data. A range-bound oscillation is likely, with prices trading within the $3,280–$3,360 corridor. Traders should closely track Fed communications and geopolitical updates while monitoring the identified technical levels to navigate potential breakouts or reversals.Gold analysis and strategy for next week, hope it helps youXAUUSD BUY@3300~3310SL:3290TP:3320~3330