On June 4th, the gold market experienced a pullback during Tuesday's session, with the decline extending into the evening hours. This persistent downward movement often signals that bearish forces are gathering strength, particularly as the market price broke below the support near 4450. This breach indicates a degree of sustained selling pressure. When the price falls below a previous low, any subsequent rebound typically presents a selling opportunity, with a target comfortably below 4430.
In the early hours of the morning, gold hit a low of 4424 before staging a noticeable recovery. As of now, the price has rebounded to a high of 4473 and is currently trading around 4460. The focus now is on the two key levels of 4424 and 4473. Further bullish momentum is anticipated. For intraday trading, consider looking for opportunities to buy on dips above the 4424 level. A successful recovery above 4473 would support a continued bullish view towards 4500.
Regarding specific intraday trading strategies, one approach is to buy gold using the 4424 low as a stop-loss reference, targeting 4473 and then 4500. Alternatively, if the price breaks above 4473, consider buying on a pullback to around 4455, with a protective stop at 4445, aiming for targets at 4500 or 4520.
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