Gold has continued to consolidate within the June 7th trading range (the highlighted NFP outside-day reversal candle). . The focus into the start of June is on a breakout of 2286-2387 range for guidance.
Key support 2277/86
Initial resistance 2368 with 2387 key.
From a trading standpoint, while the broader outlook is still constructive, the threat for a deeper correction remains while within this formation. Ultimately, we are on the lookout for evidence of an exhaustion low in the weeks ahead with a breach above 2387 needed to fuel the next leg in price.
Michael Boutros
Sr Technical Strategist
@MBForex
Key support 2277/86
Initial resistance 2368 with 2387 key.
From a trading standpoint, while the broader outlook is still constructive, the threat for a deeper correction remains while within this formation. Ultimately, we are on the lookout for evidence of an exhaustion low in the weeks ahead with a breach above 2387 needed to fuel the next leg in price.
Michael Boutros
Sr Technical Strategist
@MBForex