Gold (XAUUSD) Market Sentiment Remains Bullish

Market Analysis – June 7

Gold (XAUUSD) market sentiment remains bullish as the bullish trend resumes. The market seems to be heading upward to form a new high above the current all-time high. The current all-time high is at the $2450.10 price level. An invalidation of this swing high by the ongoing bullish trend will result in the emergence of a new all-time high.

Gold (XAUUSD) Significant Zones

Demand Zones: 2277.00, 2146.00
Supply Zones: 2450.00, 2500.00

The price of gold has been in a bullish trend for a very long time. According to the RSI (Relative Strength Index), the market barely goes below the 50.0 level. Since October 2023, the bulls have been in complete control of the market. The market barely experienced a major correction beyond 50% of its trading range.

The notable correction in October 2023 occurred after the price hit the previous resistance at 2146.00. A pullback occurred, causing the price to lose a significant part of its gain until the discount zone was reached.
 
Gold (XAUUSD) entered a bullish order block in the discount zone. Owing to the buying pressure from the bullish order block, the market rebounded back to the upside. The bullish trend resumed with an invalidation of the 2146.00 previous resistance afterward. The bullish trend continued momentarily, eventually forming a swing high at $2451.10 after hitting the resistance at the premium zone. The correction phase has ended as XAUUSD resumed the bullish trend after a bounce off the bullish order block.

Market Expectation

The bullish trend on the four-hour chart is confirmed by the MSS (Market Structure Shift) which occurred as the price invalidated the $2359.70 swing high. As indicated by the RSI, a short-term retracement into the FVG (Fair Value Gap) is expected as the overall bullish trend resumes.

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