Technical Analysis: XAUUSD

XAUUSD decreased by more than 1%

On Monday, XAUUSD was prone to fluctuation and fell. It broke below the US$4500 mark again. It ended down 1.2% at US$4484.06 per ounce.

The USDX broke above the 99 mark again

On Monday, the USDX rose steadily, and broke above the 99 mark again. It ended up 0.27% at 99.20.

Gold ETF holdings decreased

As of 1^st June, gold ETF holdings reached 1028.856 tons, a decrease of 0.286 tons from the previous trading day, according to the data from the world’s largest gold ETF——SPDR Gold Trust.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, RSI went downwards after death cross occurred, showing that XAUUSD will decline further. Investors should focus on whether XAUUSD will break through the support at 4366. It will decline with potential support at 4250 if it breaks below 4366.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investor should focus on whether XAUUSD will break through the resistance at 4520. It will decline if it rebounds but is capped at 4520.

Key resistance: 4520,4595

Key support: 4366,4250

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as XAUUSD rebounds during the day.