Gold Trading Strategy June 16

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There is not much surprise when the price gap up appeared on Monday morning there is no barrier that can stop the price of gold from increasing towards ATH. Gold has a slight adjustment in Tokyo session after the price gap up touched the round resistance zone 3450.

The adjustment may extend to 3413 in European session. This is a BUY zone with the expectation that Gold will regain the ATH hook. If broken, there will be some Scalping buy zones but the risk is quite high so to be safe, wait for 3398.

In the long term, 3463 acts as temporary resistance for a reaction phase before Gold returns to its all-time high. Maybe before that, 3490 will have another price reaction before reaching the peak.

Resistance: 3428 (Scalping) - 3444 - 3463 - 3490
Support: 3413- 3298

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SUPPORT 3413 +100 pips and support 3298 Hit SL

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