Gold: bottoming out

Monday (June 5) released the U.S. May ISM services index unexpectedly fell to 50.3, in a slightly expanded state, April factory orders performance is also less optimistic, the data released after the dollar index, U.S. bond yields both turned down, spot gold was boosted, up nearly 30 U.S. dollars during the day, closing up 0.7%. Looking ahead, non-manufacturing indicators are expected to ease the pressure on the Fed to continue to raise interest rates, but also intensify market concerns about the U.S. economic slowdown or even recession, gold prices are expected to get rid of the downtrend.

Spot gold XAUUSD four-hour chart

4 hours chart, gold in 1938 near the support again to stop the rebound, MACD volume in the zero axis near the amount of shrinkage to choose the direction, the current support moved up to 1950 near, the day in 1938-1950 above the rebound look 1980-2000 near.

Resistance level:1983 2000

Support level:1950 1938

Trading strategy: 1950 above bullish, the target 1983 2000

Alternative strategy: bearish below 1950, target 1938 1920