FX.co ★ Short-term analysis of Gold for June 7, 2021

Gold price has held above the lower channel boundary and bounced strongly on Friday. Price is approaching the $1,900 which is the bounce area we expected to see after the decline. It is now important to see if bulls remain strong enough to keep making higher highs and higher lows.

Gold price remains inside the bullish channel since the low of $1,677. Price continues making higher highs and higher lows. Price as expected made a pull back towards $1,860 and as long as price is above this level, we can see a push higher towards $1,950-$1,960. Resistance is found at $1,900-$1,910 where we find the 61.8% Fibonacci retracement of the recent decline. Support is at the lower channel boundary at $1,860.