Gold daily analysis 04.06.2022

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Happy Independence Day to US citizens . I wish one day I too come and live there.

Gold is within the value zone and has tested the support at 1786. Bulls showed up and gold closed green last week. Today gold will stay range bound because of holiday. So we will trade with small TP and SL when price tests the resistance of value zone at 1821

Although there is no confirmation we should be patient and see if gold changed its trend since it tested the support at 1786. So I suggest to wait for gold to test the 1825 level if you want to go for short.

However these levels are very good for buying and we need to see for longterm buy if price falls below 1800.

BUY 1796 SL 1792 TP 1812
SELL 1821 SL 1827 TP 1812

I feel 1804-1808 level will act as support today. So if you can keep SL 1792 then this will be good for scalping buy.


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