Technical analysis update: XAUUSD (11th June 2021)

Last week gold halted its decline at 1856.040 USD after finding resistance at 1916 USD. Support remains at 1852 USD. We think price will trade in range between support and resistance for a while. There is even possibility that support will be retested, however, we think there is small chance it will be taken out. Technicals are currently mixed. We believe bullish trend of higher degree remains intact and in long term gold has more upside than downside. Though, investors should be aware that there is FOMC next week and price might be volatile. Our long term target of 2100 USD remains unchanged.

Here are some prior developements from 26th May 2021:

Here we outlined case for sharp and shortlived corretion with support of 1852 USD. Correction subsequently occured and halted its decline at 1856.040 USD.

More developements:

Here are prior developements from 16th April 2021:

Here we outlined our long term targets that were already met.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

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Breakout above resistance would further support bullish outlook.

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Watch out for FOMC meeting this week. Price might retest its support at 1852 USD.

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Yesterday price dropped below support to 1844.630 USD per ounce. Watch out for FED decision tomorrow.