Gold at Resistance into June Open- Decision Time for the Bulls

Gold is poised to mark the largest single-day advance in nearly a month with XAU/USD stretching back into resistance at 3355/80- a region defined by the 61.8% retracement of the April decline and the record high-day reversal close. Looking for a reaction off this mark with a close above the median-line needed to fuel a run towards the record high-close at 3431 and the all-time high at 3500.

Weekly / monthly open support rests at 3289 with key support / medium-term bullish invalidation now raised to the 61.8% retracement of the May rally near 3219.

-MB