strictserip
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At the opening of Thursday's session, gold bulls demonstrated their dominance, pushing the gold price to around $2374—a new high for the past nine trading days.Today's Strategy: Focus on buying opportunities at lower price levels. Key support lies in the $2361-$2356 range, with $2356 serving as the starting point for this morning's upward movement. Other positions are being monitored for optimal entry points.For more insights and live updates, Click my Profile
Monthly Analysis of Gold (XAU/USD)Opening Price: $2286.10Closing Price: $2327.20Highest Price: $2450.125Lowest Price: $2277.345Green Candles: 15Red Candles: 11Monthly Pip Range: 172 PipsAverage Daily Range: 22.8 pips Average True Range (ATR) for the month was 24.5, indicating moderate volatility.—————————————————————The release of strong US PMI data and recovering US T-bond yields significantly impacted gold prices.Renewed US Dollar strength added pressure on gold, making it difficult for XAU/USD to maintain bullish momentum.
On the daily chart, Bitcoin has bounced off the 67,275 support level and is now rallying towards the next resistance around 72,000. Buyers are continuing to buy the dips, aiming for a new all-time high as long as market sentiment remains positive. Meanwhile, sellers may use the 72,000 resistance as a strategic point to position for a potential drop back to the 67,275 support level.
Gold's recent price action suggests a potential downtrend. The key levels to watch are the higher supply zone around 2160, which previously acted as resistance. If this level holds, we might see a bearish divergence. Currently, the market is looking at long-term support around the 21-EMA. If next week's candle closes in red, it could confirm a falling wedge pattern, indicating further declines in June.
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