Gold's breakdown: what's next?

Gold's breakdown: what's next?

2021-06-14 • Updated

4H Chart 

XAUUSD h4.png             

Daily Chart

XAUUSD Daily.png

Gold prices tumbled on Friday and at beginning of the Asian session today, reaching as low as $1854/Oz, breaking through its upside channel on the daily chart, while the technical indicators are now clearly bearish, which confirms our short-term retracement outlook mentioned before since gold was trading above $1910. In the meantime, the key support for this week stands at $1840 which represents the 200-day MA, where gold is likely to show some stabilization, while we maintain our medium-term long positions that were issued back in April at $1710 and $1725 unchanged with a Stop Loss at $1730/Oz for now.

















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XAUUSD: Bears Prepare To Takeover
XAUUSD: Bears Prepare To Takeover

On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...

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