GOLD (XAUUSD) ANALYSIS June 21-June 25
Gold closed down crucial support level at 1772.72 and the daily candle indicated a Higher Price Rejection on Friday closing. On weekly timeframe the next crucial support is visible at 1683.15, the price which led to a double bottom formation for gold on 31 Mar, 202. However a bullish divergence can be spotted in the closing hours. The opening of Gold on Monday will determine whether the divergence plays its part and we see a probable upside in gold with 1794.50, 1810.17 and 1826.55 being the crucial levels in initial stages. On fundamental grounds, the Fed chair testimony and Unemployment claims will have their part to play.We recommend traders to closely watch the opening of gold and its movement in the initial few hours to analyse whether gold is respecting the bullish divergence or not.
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