FX.co ★ Analysis of Gold for June 11,.2019

Gold did reject from the important horizontal resistance at $1.345. Sellers did well defend the level of $1.345, which is further sign of the potential weakness on the Gold. The level of $1.303 might be in play.

Pink rectangle - resistance

Yellow rectangle - support

Blue lines – upward channel

EURUSD is challenging the $1.319 support.. Support can also be found at the yellow rectangle area at $1.303. However it is not necessary to expect a pull back now. Gold is in bullish trend and it wont probably go much deep correction so the level around $1.319 may be the most of downside for now. A reversal from this level could signal the start of a new upward move starting that could eventually push price to re-test high around $1.245. Watch for buying opportunities.