#GoldTechnical Analysis#24K99 News On Friday (June 20) during Asian market hours, spot Gold continued its downward trend, currently priced around $3351 per ounce, having fallen nearly $20 during the day. FXStreet Senior Analyst Dhwani Mehta wrote an analysis on the technical trends of Gold prices.
Mehta stated that after Gold prices closed flat on Thursday, they hit a weekly low near $3350 per ounce in the early hours of Friday. Following the easing of tensions in the Middle East, risk appetite has improved, putting pressure on Gold and the US dollar.Safe haven AssetsUnder pressure.
Mehta noted that if Gold prices fail to close above the critical 21-day moving average.ResistanceAt 3350 dollars per ounce, a larger decline may be on the way.
On Thursday, President Trump indicated that he would postpone the final decision on launching airstrikes for up to two weeks. Trump stated that he would give Iran one last chance to reach an agreement to end its nuclear program.
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.
Analysts pointed out that Trump's statement about deciding within two weeks whether to strike Iran eased concerns about an imminent attack by the U.S., negatively affecting safe-haven Assets.
Latest Technical Analysis on Gold
Mehta pointed out that fromTechnical AnalysisLet's look at it, as long as the 14th.Relative Strength Index.(RSI) is holding above the midpoint, and Gold buyers still have hope. This leading Index is currently pointing downward, approaching 52.
Mehta stated that Gold prices must defend the key short-term Resistance of the 21-day simple moving average (SMA) at $3350 per ounce at daily or weekly closing to enhance Buy interest. If it fails, the 50-day moving average at $3318 per ounce will be tested. The next Support for Gold prices is $3297 per ounce, which is the 38.2% Fibonacci retracement of the April record rebound.

(Spot Gold Daily Chart Source: FXStreet)
On the other hand, Mehta added that a rise in Gold prices will require a clear breakthrough at $3377 per ounce, which is the 23.6% Fibonacci level of the aforementioned uptrend, in order to retest the $3400 per ounce Resistance area. If Gold further rebounds, the price will challenge the static Resistance at $3440 per ounce. After that, Gold buyers will target the two-month high of $3453 per ounce.
As of 11:36 Beijing time, spot Gold is quoted at $3351.17 per ounce.