Gold forecast for today: XAUUSD analysis 06.06.2023

The gold price is trading in the short-term downtrend. The price was corrected up yesterday. The downtrend should continue today. The downside target is the low of May 30. When the low is broken through, the downside target will be the Gold Zone 1916 — 1912.

It is relevant to hold down short trades entered in the resistance zone of 1978 – 1974. A Stop Loss could be set above the high of June 2.

If the high of June 2 is broken through, the price will go up to the trend border 2001 – 1995. One could enter sell trades in the zone.

Gold forecast for today: XAUUSD analysis

  1. Hold down sell trades entered at resistance (А) 1978 – 1974.
    TakeProfit: 1932.
    StopLoss: 1984.
  2. Sell according to the pattern at resistance (В) 2001 – 1995.
    TakeProfit: 1932.
    StopLoss: according to the pattern rules.

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