XAUUSD Technical Analysis – June 11, 2021

Gold rose Thursday, and the technical bias is bullish due to higher highs in the recent uptrend.

Gold is currently trading near 1898.090, and multiple resistance levels can be seen which may prevent the price from rising further.

  • Resistance level 1: 1903.300
  • Resistance level 2: 1909.400
  • Resistance level 3: 1916.400

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 1894.000
  • Support level 2: 1888.600
  • Support level 3: 1881.500

The Fed will announce the latest interest rate decision data next Thursday. The Hawkish remarks and the decision to raise interest rates indicate that it is good for the US dollar, and therefore it is bearish for Gold, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy XAUUSD near the current level.