Gold: support focus on 1950

Tuesday (June 6) the market is relatively quiet, but the survey showed that only 51% of respondents believe that the United States is about to fall into recession, down from 55% in May, which is also the lowest level since May 2022, Goldman Sachs also lowered the probability of a U.S. recession to 25%, the Fed is expected to raise interest rates in July by 25 basis points, spot gold is under pressure due to the dollar and higher U.S. bond yields, but finally still The spot gold was pressured by the higher dollar and US bond yields, but still ended up slightly by 0.08%.

Spot gold XAUUSD four-hour chart

The 4-hour chart shows that gold is stabilizing above 1950 and MACD volume is starting to move up through the zero axis, current support continues to focus on the 1950 neighborhood, and look for a rebound above that level near 1980-2000 during the day.

Resistance level:1983 2000

Support level:1950 1938

Trading strategy: 1950 above bullish, the target 1983 2000

Alternative strategy: 1950 below bearish, target 1938 1920