Gold has been exhibiting a peculiar pattern over the past 16 days of trading, encompassing only half of the current month. It's crucial to recognize that as we approach the middle of June, a significant market shift may be on the horizon. To gain a comprehensive perspective on the potential movement of the monthly price, I have analyzed the monthly and weekly charts.
Throughout this consolidation period, the price has consistently rebounded from a support level around 1940. This particular level holds considerable strength as a support, and it's possible that the price will continue to distance itself from this point. My ultimate price target lies in the untested range around 2000, which could pose a formidable resistance level. Additionally, there are noteworthy price markers between the aforementioned levels that can serve as key reference points for making further trades or determining profit-taking levels.
Feel free to share your thoughts in the comments section.
Wishing you successful trading endeavors.
Throughout this consolidation period, the price has consistently rebounded from a support level around 1940. This particular level holds considerable strength as a support, and it's possible that the price will continue to distance itself from this point. My ultimate price target lies in the untested range around 2000, which could pose a formidable resistance level. Additionally, there are noteworthy price markers between the aforementioned levels that can serve as key reference points for making further trades or determining profit-taking levels.
Feel free to share your thoughts in the comments section.
Wishing you successful trading endeavors.