Here is the market outlook on Gold (XAUUSD) for next week from 3rd to 7th of June. It is a clear projection of what is mostly likely to happen on gold in the coming week.
ANALYSIS; In monthly timeframe there is a clear rejection from the upside in May candlestick the same as what happened on April. This is a clear indicator of presence of sellers at this level. Based on psychology of the market, price is expected to move up to around 50% of the May candlestick when the June candlestick opens.
In weekly timeframe the three wave swing idea remains the same where by currently we are looking for a possible correction to the downside. There is a clear bearish engulfing candlestick pattern that is respected with this weekly candlestick. Also, there is divergence in this timeframe. All are indicators of a possible move to the downside in this timeframe.
In daily timeframe price has maintained s sort of sideway movement in six days due to presence of the horizontal support, therefore there is accumulation of volume at the current price level. This will be followed by a stronger price move in the coming week.
In four hour timeframe price is playing above the minor static support level, also there is a minor dynamic support moving at the same price level. Based on Elliott wave count price is in formation of the final fifth wave to the downside. This will be followed by a corrective wave move to the upside.
PRIMARY PROJECTION; Watch for High risk buy opportunities on opening of the market, or wait for low risk buy opportunity when price move to 2360 with targets at 2400.
SECONDARY PROJECTION; Watch for sell opportunities when price break the 2340 level with targets at 2300.
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