XAUUSD (Gold) Technical Analysis by Guriforex for June 4, 2024

Welcome again, dear traders. Now we present the XAUUSD (gold) technical analysis. Let’s delve into the analysis.

XAUUSD (Gold) Technical Analysis by Guriforex for June 4, 2024

Today’s XAUUSD Technical Analysis by Guriforex:

In the H2 time frame, XAUUSD (Gold) is currently navigating within a descending channel. The price faces crucial support at the 2326 level. This support level is significant because it acts as a potential turning point for the market. Observing the momentum oscillator, it is aiming to cross the 100 line from above, indicating a potential bearish sentiment. This suggests that traders should be cautious as the market could see further downward pressure.

🔼 Bullish Scenario: If the price rebounds from the 2326 support level, it is likely to rise to the 2348 level. This rebound could indicate a temporary bullish trend, providing a potential opportunity for traders to capitalize on the upward movement. Traders should watch for confirming signals such as increased buying volume or bullish candlestick patterns to support this scenario.

🔽 Bearish Scenario: Conversely, if XAUUSD (Gold) breaches below the 2326 support level, it may trigger a decline to the 2308 level. A break below this support could open the door for further declines, potentially accelerating bearish momentum. Traders should monitor for additional bearish signals, such as a continued downward slope in the momentum oscillator or increased selling volume, to validate this scenario.

Strategic Considerations:

Given the current market conditions, it is essential for traders to remain vigilant and responsive to price movements around the 2326 support level. The interaction with this level will likely determine the short-term direction of XAUUSD. Traders might consider setting stop-loss orders just below 2326 to manage risk in case of a bearish breakout. Similarly, profit targets could be set around 2348 for those anticipating a rebound.

Moreover, it is advisable to keep an eye on broader market trends and economic indicators that could impact gold prices. Factors such as geopolitical events, changes in interest rates, and economic data releases can significantly influence market sentiment and price action.

Write in the comment if you trade XAUUSD (Gold) today! Your engagement helps us bring more valuable insights and analysis to your trading strategy. Stay tuned for more updates and happy trading!

Scroll to Top