#GoldTechnical Analysis#24K99 News On Friday (June 20), during the Asian market's early session, spot Gold suddenly plummeted, and the gold price just fell below the 3360 dollars/ounce mark, dropping 11 dollars on the day. FXStreet's chief Analyst Valeria Bednarik wrote an analysis on the technical outlook for Gold.
(Spot Gold 5-minute chart Source: 24K99)
Bednarik wrote that the outlook for Gold is neutral to Put, however, the gold price is unlikely to experience a significant decline.
The Analyst pointed out that U.S. President Trump stated he would decide within two weeks whether to strike Iran, alleviating concerns about an imminent U.S. attack.Safe haven AssetsGold has thus been hit.
White House spokesperson Carolyn Leavitt stated that Trump conveyed the following message to her: "Based on the high likelihood of negotiations or lack thereof with Iran recently, I will decide whether to strike in the next two weeks."
Bloomberg believes that after making a series of hardline statements (including calling for the evacuation of Tehran residents and leaving the G7 summit in Canada early to return to Washington), Trump's latest stance shows a concession.
Robert Rennie, Head of Commodity and Carbon Research at The Pacific Bank (Westpac Banking Corp.), pointed out that Leavitt's remarks have alleviated some of the urgency in the market.
Short-term Technical Outlook for Gold
Bednarik wrote that the daily chart for Gold shows that the price encountered buyers around the currently flat 20-day (SMA) on Thursday.simple moving averageThis moving average is currently around $3,347 per ounce. The same chart shows that the 100-day and 200-day moving averages maintain strong upward momentum at levels significantly below the aforementioned short-term moving average, consistent with a long-term bullish trend. Finally,Technical IndicatorThere is no direction within an active level, reflecting a lack of interest from investors.
Bednarik added that the recent outlook for Gold is neutral to Put. Gold prices are holding above the moderately bullish 100-period SMA and 200-period SMA, while the 20-period SMA is gaining downward momentum above the current Gold price levels. Meanwhile, the Technical Indicators are in a tug-of-war below the midline, supporting the possibility of another wave of decline for Gold prices, although this has not yet been confirmed.
(Spot Gold 4-hour chart Source: FXStreet)
Valeria Bednarik provided the latest important updates on Gold prices.Resistanceand Resistance levels:
Resistance: $3347.45 per ounce; $3332.10 per ounce.
Resistance: $3385.20 per ounce; $3406.90 per ounce; $3414.60 per ounce.
At 09:15 Beijing time, spot Gold is quoted at $3359.02 per ounce.
