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Market Analysis – June 13
Gold (XAUUSD) appears to have lost its bullish momentum, transitioning from a strong uptrend to a consolidation phase. Since April, the price has been oscillating between the upper boundary of 2,430.0 and the lower boundary of 2,280.0.
Gold Key Levels
- Demand Levels: 2,280.0, 2,195.0, 2,074.0
- Supply Levels: 2,431.0, 2,500.0, 2,600.0
Gold Long-Term Trend: Bullish
Gold Long-Term Trend: BullishThe prior uptrend, which has now shifted to consolidation, began with a bullish breakout from a previous range. As March opened, the price surged above the 2,074.0 level. Following this breakout, the daily candles consistently stayed above the middle line of the Bollinger Bands, indicating a strong uptrend until late April.
Currently, the price is fluctuating between the upper and lower Bollinger Bands, signifying the prevailing consolidation in the market. The price is now near the lower border of the range, presenting an opportunity for range traders to consider long positions, especially as the Stochastic indicator shows an oversold condition on the daily chart.
Gold Short-Term Trend: Bearish
Gold Short-Term Trend: BearishA breakout is essential to determining the market’s next direction. The demand zone at 2,194.0 below the current range has the potential to reinstate the bullish trend, as the bullish order block in this zone remains unmitigated. If the market breaks upwards, the price is likely to target the psychological level of 2,500.0.
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