XAUUSD Analysis and Trend


 XAUUSD is in an upward trend, propelled by positive economic indicators such as JOB OPENINGS data and ADP Non-Farm Employment Change. Furthermore, the recent interest rate cut by the Bank of Canada (25 BPS) on June 5, 2024, from 5% to 4.75%, has contributed to the strengthening of this upward trend in gold prices. Today, there is an expectation of the European Central Bank (ECB) also cutting interest rates by 25 BPS, which could further boost the price of gold. Additionally, the release of US Jobless data is imminent, which may influence market sentiment.


Current Price : As of the time of writing, gold is trading at 2361, surpassing previous data highs. In the morning session, gold encountered resistance just below the R2 level.


Pivot Levels:  

Pivot: 2346  

R1: 2367  

R2: 2378  

R3: 2397  

S1: 2335  

S2: 2315  

S3: 2303  


Trading Strategy:

Buy Level: Buy level is anticipated above 2368  

Targets:2375, 2383, 2397. Stop loss : 2362






Conclusion: The overall trend in gold is expected to remain bullish, with potential for further upward movement if the ECB cuts interest rates as anticipated. Traders are advised to monitor key levels such as the pivot points and resistance levels for potential entry and exit points.