GOLD - The bearish trend may continue...

Jun 4

XAUUSD has entered a corrective phase after printing a new local low. Against the backdrop of a strong U.S. dollar, the bearish trend in gold may continue...

Gold has received temporary relief from ceasefire-related headlines, but pressure from the dollar and hawkish Fed expectations remains intact. The key event ahead is Friday’s Non-Farm Payrolls (NFP) report. Geopolitical developments continue to play a decisive role.
Technically, within both the global and local downtrend, gold is consolidating inside the 4425–4550 range. Due to the uncertainty factor, the market has entered a corrective phase and a liquidity-hunting stage, during which it may test either 4496 or 4540 before resuming its decline.

Resistance levels: 4496, 4540, 4589
Support levels: 4456, 4425, 4400

The U.S. dollar remains in stagnation (consolidation) within a bullish trend. The geopolitical backdrop continues to support the dollar and weigh on gold, which is currently in a corrective phase. A short squeeze at 4496 could trigger a decline toward 4425–4400. Additionally, if the market fails to react at 4496, gold may test 4540 before moving lower.

Best regards, R. Linda

Jun 4

Trade active

Jun 5

Trade closed: target reached