GOLD XAUUSD ANALYSIS June17-21

2024년 6월 15일

Here is the market outlook on Gold XAUUSD for next week from 17th-21st of June. It is a clear projection of what is mostly likely to happen on Gold in the coming week.

ANALYSIS;
In monthly timeframe price has formed a clear rejection on two monthly candlesticks, and the current monthly candlestick is mostly likely to close with the bearish momentum.

In weekly timeframe the three wave swing to the upside followed by correction is still holding true and currently the corrective phase is still ongoing. Price has bounced at a the static support which has a serious history of supporting price.

In daily timeframe there is a sort of clear heard and shoulder pattern, but price is still maintained above the static support explained in weekly timeframe. Price is expected to rise up to the level of a simple technical resistance presented in this timeframe.

In four hour timeframe price is expected to complete wave C of the possible ABC price move to the downside. Currently price is correcting the expected wave 1 of the the five wave move of wave C. Correction is expected to move up to technical levels indicated by trendline in this timeframe.

PRIMARY PROJECTION.
Consider sells when price confirm at 2350 with First targets at 2300. Then break and retest of 2300 will create another opportunity for continuation of sells up to around 2100.

ALTERNATIVE PROJECTION.
Consider buying when price break close above and retest the 2400 level with targets at 2450.