Gold flags a bullish breakout

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7 June 2021 | Updated: 7 June 2021

Key Support: 1860 – 1872 – 1882
Key Resistance: 1895 – 1910

After last Friday’s rally in Gold prices on US employment data missing expectations we closed the day with a big 2.17% range on the bullish side. On Sunday Gold opened lower and and fell below the weekly pivot stabilizing it’s down side around the 1882 level.
The Friday’s highs to today’s lows move is only a -0.77% or a 38.2% pullback from Friday’s range, but most importantly this is where we saw buyers hitting the ask aggressively and moving price above the 1910 level twice.

We are monitoring this possible breakout with the DXY falling below the weekly pivot and starting to break the immediate bullish structure. For this breakout to play out we need the DXY to print new daily lows and break with Friday’s lows.

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