empty
03.06.2022 12:32 PM
Trading plan for Gold on June 03, 2022

This image is no longer relevant

Technical outlook:

Gold prices rose to $1,874 intraday on Friday before pulling back. The yellow metal is trading at around $1,865-66 at this point in writing and is expected to test $1,828 before resuming its rally. Intraday resistance is seen at $1,878 as bears prepare to come back in control in the near term.

Gold has been in a counter-trend rally from the $1,786 lows and is pushing through $1,920. We could see the price that high before it turns lower following the larger trend. The yellow metal seems to be into its last leg rally after carving a higher low at around $1,828 earlier. If the above structure holds well, prices would stay above $1,828 and continue pushing higher towards $1,920.

Alternatively, if the drop from $1,870 is taking a complex correction, prices would drop through the $1,820-25 zone from here before resuming a rally. Also, note that $1,820 is the Fibonacci 0.618 retracement of the recent upswing between $1,786 and $1,870. Traders will be looking to add more longs if prices drop towards $1,820.

Trading plan:

Potential rally through $1,920 against $1,781

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on June 27th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3720 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and examine what happened

Miroslaw Bawulski 13:06 2025-06-27 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 27th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1709 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 13:01 2025-06-27 UTC+2

How to Trade the GBP/USD Pair on June 27? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair also remained in an upward trend, and there was no shortage of significant developments across the Atlantic

Paolo Greco 06:42 2025-06-27 UTC+2

How to Trade the EUR/USD Pair on June 27? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair traded mostly sideways, albeit with a slight upward bias. The uptrend on the hourly timeframe remains

Paolo Greco 06:42 2025-06-27 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 27: The Pound Soars Again

The GBP/USD currency pair continued its upward movement on Thursday, which began back on Monday. Practically without pauses, the British pound surged 350 pips in just four days

Paolo Greco 03:41 2025-06-27 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 27: Trump Hits the Dollar Again

The EUR/USD currency pair continued its strong upward movement throughout Thursday. A new wave of growth for the European currency began on Wednesday evening and continued into Thursday night. Therefore

Paolo Greco 03:41 2025-06-27 UTC+2

GBP/USD: Trading Plan for the U.S. Session on June 26th (Morning Trade Review)

In my morning forecast, I focused on the 1.3720 level and planned to base my market entry decisions around it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:56 2025-06-26 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 26th (Morning Trade Review)

In my morning forecast, I focused on the 1.1749 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened. Although

Miroslaw Bawulski 18:53 2025-06-26 UTC+2

How to Trade the GBP/USD Pair on June 26? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair continued its upward movement, which had begun on Tuesday. As a reminder, Tuesday brought news

Paolo Greco 06:38 2025-06-26 UTC+2

How to Trade the EUR/USD Pair on June 26? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair traded with low volatility for most of the day and showed no intention of moving

Paolo Greco 06:38 2025-06-26 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.