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Market Analysis -June 1
Gold has succumbed to bearish pressure in the market, signaling a shift in its market structure. The sellers emerged at the supply level of 2067.0, leading to a significant decline in the value of gold, which has dropped by approximately 6.53 percent since reaching the supply zone.
Gold Key Levels
Resistance levels: 1978.0, 2043.0, 2070.0
Support levels: 1890.0, 1804.0, 1693.0
Examining the long-term trend, Gold has entered a bearish phase. The exhaustion of gold buyers became apparent on May 3rd when the resistance level of 2070.0 was tested. The stochastic indicator indicated an overbought condition. Subsequently, a pullback occurred, breaking the bullish order block at the 1978 support level, thus completely reversing the market direction.
The parabolic SAR (Stop and Reverse) indicator is prominently displaying a downtrend. On May 16th, a shadow retested the supply level of 2070.0 for the second time, injecting selling pressure into the market. As a result, the price experienced a significant decline. The rapid pace of this price movement has created a fair value gap and an order block, offering additional selling opportunities during a potential retracement.
Gold Short-Term Trend: Bearish
Analyzing the short-term trend on the 4-hour chart, the Moving Averages have crossed below the candles, indicating a pullback toward the order block. The parabolic SAR (Stop and Reverse) indicator aligns with the Moving Average. Additionally, the stochastic indicator, being in the overbought region, signals a potential selloff. It is crucial to observe a breakout above the bearish trendline to validate the pullback towards the order block above 1978.00.
In conclusion, gold has experienced a notable bearish shift, resulting in a decline in its market structure. Traders should closely monitor the price action and key levels, considering the potential for a retracement and the confirmation of a pullback in the short term.
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