Main Quotes Calendar Forum
flag

FX.co ★ Gold attracts more buyers, 1,966 as key resistance

parent
Forex Analysis:::2023-06-06T15:59:35

Gold attracts more buyers, 1,966 as key resistance

The price of gold retreated a little in the short term after reaching 1,966 today's high. Now, it's trading at 1,960 at the time of writing. Technically, the upside pressure remains high, so a larger rebound is still possible.

Fundamentally, XAU/USD rallied in the short term as the US ISM Services PMI, Factory Orders, and Final Services PMI came in worse than expected. Tomorrow, the BOC and the Australian GDP could bring high action on the yellow metal.

XAU/USD Consolidation!

Gold attracts more buyers, 1,966 as key resistance

Technically, XAU/USD came back above the weekly pivot point (1,954) and now it could challenge the median line (ml) and the 1,966 former high. As you can see on the H1 chart, the rate retested the pivot point confirming the breakout and indicating an upside breakout.

The median line (ml) of the ascending pitchfork represents a dynamic resistance. Taking out this upside obstacle may announce an upside continuation.

XAU/USD Forecast!

A valid breakout above 1,966 and above the median line (ml) activates further growth and is seen as a new buying opportunity. The upper median line (uml) represents a major upside target.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...