Gold XAU/USD is trading with a slight bearish bias on a 4-hour chart, staying within a rectangle with a high at 1,794 and a low at 1,761. Currently, it is trading below 5/8 of a murray and below the SMA of 21.
The yellow metal is under downward pressure. It has met strong resistance at 1,795. Now it is below the SMA of 21, with a probable downward movement to the zone of 1,760, and until 4/5 of murray at 1,750.
On the contrary, a consolidation above 5/8 of murray at around 1,782 will be a good opportunity to buy gold with a target at about 1,795. If gold breaks this level quickly, it could rise to the 1,859 zone, there is the EMA of 200.
We can see that in the area of 1,763, gold has left a GAP. This technical figure could also support our bearish outlook and fall to this level to cover the GAP.
The eagle indicator is showing a bullish signal with a slight sideways movement. With a break above 1,795, gold could gain bullish strength to reach 1,850 levels in the medium term.
Support and Resistance Levels for June 24 – 25, 2021
Resistance (3) 1,804
Resistance (2) 1,791
Resistance (1) 1,782
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Support (1) 1,769
Support (2) 1,760
Support (3) 1,748
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Trading tip for XAU/USD (gold) for June 24 - 25, 2021
Sell below 1,775 (5/8), with take profit at 1,763 and 1,750 (4/8), stop loss above 1,782.
Buy above 1,782 (SMA of 21 and 5/8), with take profit at 1,795 and 1,804, stop loss below 1,775.