Gold Drops Sharply Amid Trade Optimism
Gold formed a larger 5-wave pattern, with the second X wave extending further.
On Friday, gold fell 2.4%, dropping from 3375.50 to 3293.70.
This decline came after President Trump announced a positive call with President Xi about tariffs.
Top US and China officials will meet in London on Monday, June 9. Optimism is high, with talks expected to continue throughout the week. Trump himself remains positive, saying, "The meeting should go very well."
Gold may pause, but it could fall further unless new manipulation occurs.
Bearish targets: 3285, 3250, 3210, and 3170.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Gold formed a larger 5-wave pattern, with the second X wave extending further.
On Friday, gold fell 2.4%, dropping from 3375.50 to 3293.70.
This decline came after President Trump announced a positive call with President Xi about tariffs.
Top US and China officials will meet in London on Monday, June 9. Optimism is high, with talks expected to continue throughout the week. Trump himself remains positive, saying, "The meeting should go very well."
Gold may pause, but it could fall further unless new manipulation occurs.
Bearish targets: 3285, 3250, 3210, and 3170.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Trade active
Gold Tight Range: Awaiting the U.S.-China Trade Deal for Direction From our previous analysis, Gold reached a low of 3293.7.
The price has so far been trapped in a narrow range for GOLD movements, located between 3338 and 3293.70.
The problem is that Gold is only waiting for a possible trade deal between the US and China.
If the deal is good for both countries and if Gold does not face any unexpected manipulation as it often happens, then we should see gold resume its downtrend.
It will be risky because it is very news-related, but again it is also supported by a bearish bias, so there could be more chances.
Note
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.