xauusd analysis on dated 06-12-2022

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Gold Trading Outlook

This recent data would put pressure on the price of Gold and, as we can see from the chart, the price has rejected the $1810.00 level. On the 4hr chart, the price formed a double top pattern with the neckline support level at $1782.00.

 

If the price holds below this level of $1782.00 we could expect the market to retest the neckline of the trading pattern and form a lower high before continuing to the downside. Price would also need to get through the trendline support before breaking lower toward the $1725.00 low.

 

Recommendations: Sell/Sell limit @ 1782                         TP/Target: 1725