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Gold Invades 1280 level Successfully

By FxGrowForexJun 06, 2017 22:05

au.investing.com/analysis/morning-macro-round-up:-dollar-slips-as-middle-east-tensions-mount-200193334

By FxGrow | Jun 06, 2017 22:05

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XAU/USD

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A superb home run for gold today rallying from 1279.61 low, with resistance levels falling like domino bricks and after finishing 1280 successfully, the yellow metal is currently busy with 1290 level after clocking a high at 1293.74 for now, but expectations for advanced inclines seeing 1295 as the first bump (R1) with previous setbacks from this point. In case gold overpassed it, there are no restrictions for XAUUSD seeing 1300+ as next conquest.

In absence of macro-economic interpreting the sharp rallies and reasons for heavy demand for gold today, UK coming elections this Thursday June 8th could be provoking gold with safe haven buying.

Technical Overview:

Trend: Bullish

Resistance levels: R1 1295, R2 1306.55, R3 1316.27

Support levels: S1 1286.59, S2 1281.14, S3 1275.10

Comment: Gold is currently bullish and as UK election approached, gold could be provoked again. A Close above 1295 calls for further attacks seeing R2 as target. Be prepared of setbacks from 1295 as a first test with a reminder of previous retracement. Any correction phase allied with congestion should hold within 1286 /1281 range, but should keep gold bullish momentum intact. Closing below 1275 alerts for trend reversal potential but only a close below 1260 is a conformation for bearish momentum.

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Gold Invades 1280 level Successfully

Technical Overview:

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