Gold holding the bullish bias over $1,850 to $1,860 support level with an impulsive daily bullish candle. Gold sustains over $1,850 psychological support level. Will Gold continue the bullish trend further in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XAU/USD Technical Analysis.
June 9, 2021, | AtoZ Markets – Gold price rose today morning during the Asian session against the U.S. Dollar. Gold futures edged up by 0.12% to $1,903.50 area by morning. The dollar, which commonly moves conversely to gold, a little bit up while the benchmark 10 years U.S. Treasury yields tumbled to their least in over a month. Gold is currently trading around $1,891 area and trying to push downside. As per the current price action, the price may face strong support at the dynamic level of 20 EMA on the intraday chart in the coming days.
Gold Sustains Over as the Overall Bias Is Still Bullish
XAU is currently residing near $1,891 price area and trying to push lower. However, the price is also facing support at the Bollinger Bands middle band on the intraday chart.
Image: Gold 4 Hour Chart
According to the 4-hour chart, Gold sustains over and currently trading around $1,891 area. As per the current price action, the price may recover higher towards $1,900 to $1,915 area in the process. So, if the price recovers higher towards $1,900 to $1,915 resistance area and rejects with an impulsive bearish candle, the bears may regain momentum and push the price downward towards $1,860 $1,850 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands upper band is currently residing above the price, which may work as strong resistance in the days ahead.
XAU May Strike Upward
According to the daily chart, Gold sustains over as the bulls are optimistic. As per the current price action context, if the price can have an impulsive daily bearish candle close below the last candle’s low, the bears may sustain the bearish pressure towards $1,860 to $1,850 area in the coming days. Alternatively, if the price can break above $1,900 to $1,915 resistance area with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $1,950 to $1,960 key area in the process.
Image: Gold Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support and pushed the price higher. Along with this, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the bears may regain momentum and push the price down in the days ahead.
To conclude, as long as the price residing over $1,850 to $1,860 support level, the bias will remain bullish. An impulsive daily close will help to identify the definite momentum in the coming days.