GOLD: MOVING WITHIN A CHANNEL BETWEEN $1830 AND $1870

PERIOD OF OBSERVATION: May 19 to June 13

• RESISTANCE= 1870 (tested three times: May 24, June 2 and June 10)
• MIDDLE POINT= 1850
• SUPPORT= 1830 (tested twice: June 1 and June 10)

STEPS:

• IF BETWEEN 1850 AND 1870 (EXPECTED: DOWNWARD CORRECTION) (BECAUSE OVERBOUGHT)
• IF BETWEEN 1850 AND 1830 (EXPECTED: UPWARD CORRECTION) (BECAUSE OVERSOLD)

CHANGE IN BEHAVIOR:

• IF IT BREAKS FIRMLY ABOVE 1870, GOLD COULD POTENTIALLY TARGET 1900
• IF IT BREAKS FIRMLY BELOW 1830, GOLD COULD POTENTIALLY TARGET 1800

GRAPH: Gold, H1 (Period: May 19 – June 13)

Please note that past performance does not guarantee future results.

NEXT EVENT TO CAUSE VOLATILITY (WEDNESDAY, JUNE 15 AT 20:00 GMT+1): US FEDERAL RESERVE Interest Rate Decision. The US Fed is expected to raise the benchmark interest rate to 1.50% from 1.00% on Wednesday. The decision will be followed by a press conference at 20:30 GMT+1, to be held by Fed Chair Jerome Powell.