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Yesterday, the price of the yellow metal (XAU / USD) remained bearish below the psychological level of $ 1,900, and below the EMA of 200 and the SMA of 21. These levels of 1,900-1,894 and 1,890 act as strong resistance.Therefore, as long as gold trades below this strong resistance zone, it will continue to be under downward pressure.
Investors and traders will be very attentive to the long-awaited data from the US CPI, which will be released at the opening of the American session. Before the publication of this data, gold is falling and consolidating below the EMA 200 with a bearish bias.
Analysts hope that the US Consumer Price Index report will shed light on when the Fed will begin to taper its monetary stimulus. Once this data is known, it could affect gold and could fall to the zone of 1,860.
In the European session, gold is likely to make a pullback towards the resistance zone of 1,894. This level will be a good selling opportunity with targets at 8/8 of a murray around 1875.
On the other hand, for a bullish move we should expect a consolidation above +1/8 of murray around 1,906. Therefore, any failed attempt to break this level is likely to bring a pullback and a good selling opportunity.
In the chart, we can see the downtrend channel, in the 8/8 murray zone. We hope that gold will find strong support at around 1,875. This level could give it a technical rebound. If breaking this level, the price could fall to the zone of 1,860 and 1,854 in the short term.
Our recommendation is to sell below 1,894 with targets at 1,875. The eagle indicator is showing a bearish signal. If gold consolidates above 1,900, we should avoid buying.
Support and Resistance Levels for June 10 – 11, 2021
Resistance (3) 1,903
Resistance (2) 1,895
Resistance (1) 1,891
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Support (1) 1,884
Support (2) 1,879
Support (3) 1,872
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Trading tip for XAU/USD (gold) for June 10 - 11, 2021
Sell below 1,894 (EMA 200), with take profit at 1,885 and 1,875 (8/8), stop loss above 1,900.00
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