Gold Looking to Take Grounds Near $1,291 Before G7 Meeting Today

The precious metal gold held mostly steady on as investors remained cautious ahead of a G7 meeting beginning later in the day...

Gold - 4 Hour Chart - Technical Outlook

The precious metal gold held mostly steady as investors remained cautious ahead of a G7 meeting beginning later in the day.  Gold is likely to continue trading sideways due to key events next week such as the U.S. monetary policy meeting and a U.S.-North Korea summit. During the Asian session, we opened a forex trading signal on gold. Here’s an update on it…

Gold – XAU/USD – Quick Technical View

Earlier this morning, we entered a forex trading signal to stay in sell below $1,296 to capture quick take profit at $1,293. There are multiple reasons behind it.

 

Firstly, the 9, 50 and 100 periods moving averages are suggesting a bearish in gold and are likely to provide a resistance near $1,296.

Secondly, the RSI and Stochastics have a bearish crossover on the 4-hour chart. The recent value of RSI is 28 which is signaling bearish bias of traders.

Thirdly, the bearish price action shows a breakout of $1,296 support. The next support prevails at $1,290/89.

 

Gold - 4 Hour Chart
Gold – 4 Hour Chart

Lastly, do check our June 8 – Economic Events Report for a quick update on the G7 meeting today.

 

Support     Resistance

1299.44    1305.7

1297.5    1307.64

1294.37    1310.77

Key Trading Level:    1302.57

 

Gold – XAU/USD – Trade Idea

We are in sell below $1,296 with a stop above $1,299 and a take profit of $1,293. I will be looking to buy above $1,290 later today. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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