XAUUSD 4hour Analysis June 6th, 2021

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold Neutral idea

Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish

Trade scenario 1: Overall we are very bullish on gold but we’re seeing a bit of ranging on the 4hour timeframe. Ideally we want to see a reversal at support followed by a bullish break of this range.

Look for a higher low above 1893.50 with bullish setups before entering long.

Trade scenario 2: For us to consider gold bearish we need to see a bearish break of this range and our key support level around 1875.00.

Look to enter short after we can confirm a lower high below 1875.00