Gold May Pull Back Short-Term

Jun 16

📊 Market Overview:

After several strong bullish sessions, gold prices are under short-term pressure as geopolitical tensions in the Middle East temporarily ease and the US Dollar shows slight recovery.

While expectations for a steady Fed policy remain, traders are locking in profits after gold tested the $3,445 resistance zone.

📉 Technical Analysis:

Key Resistance: $3,445 – $3,460

Nearest Support: $3,394 – $3,380

EMA 09: Price has dropped below the 09 EMA, signaling a potential short-term bearish shift.

RSI/Candles/Momentum: RSI is pulling back from overbought levels. A red candlestick pattern has emerged after a strong rally, suggesting a technical pullback may be forming. Trading volume is starting to decrease.

📌 Outlook:
Gold may correct lower in the short term toward the $3,390–$3,380 support zone if it fails to reclaim the 09 EMA. However, the medium-to-long-term trend remains supported by safe-haven demand and dovish Fed expectations.

💡 Suggested Trading Strategy:

SELL XAU/USD at: $3,440 – $3,445

🎯 TP: $3,420

❌ SL: $3,455

BUY XAU/USD at: $3,390 – $3,395

🎯 TP: $3,410

❌ SL: $3,380

Jun 16

Trade active

Gold price has dropped as anticipated and is now trading around 3412.
Traders may consider entering buy positions at this level.

Jun 16

Trade closed: target reached

Gold is currently ranging between 3410 and 3420, which presents a good opportunity for traders to scalp and gain short-term profits.