XAUUSD 16/6/24

6月16日

This week on gold, we are looking at the same range we had last week on the 4-hour chart. We expect prices to either move even lower from the last confirmed low within the range or break this range and push into the area of unmitigated supply above.

Our preferred move is for the price to drop slightly lower, then run higher into the area of supply, and subsequently sell off, following the higher timeframe bias we have for this pair.

A key point to remember is that we might not get a pullback, and the price could actually shift bullish if the last major high is broken. If this is the case, we are looking for a bullish run of the daily highs.

For now, we are bearish, and I expect this to sell off further for the time being.

Follow price action and trade your rules.