Spot gold trading strategy on June 6: long and short sees back and forth, and market outlook variables increase

On Monday (June 6), during the Asia-Europe period, spot gold fluctuated slightly and was currently trading around US$1,854.13 per ounce. The continued rise in international oil prices has exacerbated inflation concerns. The ongoing war between Russia and Ukraine has provided some support for gold prices. The strong performance of the U.S. non-farm payrolls report last Friday strengthened the Fed's expectation that the Fed will continue to raise interest rates aggressively. The speeches of Fed officials are generally hawkish, which makes gold bulls have some scruples, and the short-term gold price tends to fluctuate. From a technical point of view, it is slightly biased towards the downside.

There is no important economic data released this trading day, and the overall trading space may be limited.

4-hour level: shock; pay attention to the breakthrough of the Bollinger Bands track 1829.22-1874.56 area. At present, MACD dead fork, KDJ dead fork, the market outlook is slightly inclined to shock down, the initial support is near 1844, further support is near 1837.98, and then the support near the lower Bollinger band 1829.22, whether it can break further remains to be seen.

The initial resistance above is near 1856.60, and then the resistance near 1863.33. If it can recover this position, it will weaken the short-term bearish signal; the upper Bollinger line resistance is near 1874.55, if it can break through this resistance, it will increase the midline bullish signal.


(4-hour chart of spot gold)

Resistance: 1856.60; 1863.33; 1874.55; 1880.00;
Support: 1844.00; 1837.98; 1829.22; 1824.62;

Short-term operation suggestions: conservatives wait and see; radicals are cautiously short on rallies.