Gold is maintaining a short-term downtrend. Short trades opened at the resistance zone of 2369 - 2361 yielded profits last week. Consequently, the price reached the Target Zone of 2300 - 2285, and now the quotes are growing in a corrective movement. If the asset continues to rise, the resistance zone of 2369 - 2361 may be tested again. Once the price breaks through this resistance, the short-term downtrend will reverse.
If the asset falls during this week and drops below the June 7 low, it is likely that the price will break through the Target Zone of 2300 - 2285. In this scenario, the next bearish target will be the Gold Zone of 2250 - 2245. Currently, gold is trading in a range between 2325 and 2335. If gold breaks above 2335, then long trades can be considered. Conversely, if the price breaks below 2325, a retest might occur.
Given that the PMI data released yesterday was contracted and is less than the previous for the third consecutive month, I am expecting long trades today. Additionally, we have Federal Reserve Chairman Jerome Powell’s speech and the JOLTS job openings data to be released today, which may impact the market.
Summary:
Gold remains in a downward correction within a medium-term uptrend, with the key support zone at 2300 - 2285 holding strong. Potential long trades target 2367 and 2450, while a break below 2285 could reverse the uptrend and target 2250 - 2240. Short-term downtrend resistance at 2369 - 2361 may be tested again if the corrective rise continues. Important market-moving events include PMI data, Powell's speech, and JOLTS job openings data, all of which could influence gold's price movement this week.
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