XAU/USD INTRADAY MONDAY 06 JUNE 2022
Fibbo H1 is almost near its 100 level at 1838-43 area provided the zone point of impact 1848-53 is also containing Sma200. candle was doji accompanied by a bullish candle. All these conditions are indicating not to enter the market unless price action completely shows a direction and it will be shown if price gets out of this zone. So both sell and buy will be high risk if taken near this zone. Like buy above 53 or selling below 48 is not advisable. Look for a medium risk buy at 1833-38 or low risk 1823-28. Similarly keep an eye if any spike takes the price towards upper side then a medium risk sell will be count from 1858-63 area and off course 1868-73 will be low risk area of sell.
Comment:
For bottom line. I am waiting to enter the market as sell around 1858-63 and buy entry around 1833-38. If the price gets there and the momentum breaks, then I will enter otherwise leave the trade for the day. The price should come to my target area for an entry otherwise I don't enter. THIS IS HOW I TRADE, WAIT FOR THE PRICE TO ENTER TARGETED AREA OR ELSE LEAVE.
Gold Price Forecast: XAUUSD has room to recover before the next downswing kicks in.
Safe-haven assets struggle to find demand at the beginning of the week amid some risk-positive developments. US stock index futures rise between 0.5% and 0.7% in the European morning and the US Dollar Index stays relatively quiet above 102.00. Trading conditions are likely to remain thin during the first half of the day due to the Whit Monday holiday in Europe. The US economic docket will not be offering any high-impact data releases either.
Chinese authorities announced over the weekend that Beijing will allow residents to return to work from Monday and schools will resume from June 13 onwards. Additionally, traffic bans in most areas of Beijing will be lifted as well. Moreover, US Commerce Secretary Gina Raimondo reaffirmed on Sunday that US President Joe Biden's administration is planning to ease tariffs on Chinese imports to battle inflation.
Gold erased a large portion of its weekly gains on Friday after the upbeat US May jobs report triggered a rally in US Treasury bond yields. The benchmark 10-year US T-bond yield, which rose more than 7% last week, stays quiet near 2.95% early Monday and XAU/USD fluctuates at around $1,850.