Currently, the EUR/USD pair is falling, but still within a price channel that is going up. Once price reached 1.14649, it is now stabilizing just below the middle of the up channel.
The market is expected to go up.
If USD/CAD price moves above 1.13239 and below 1.13809, a move upward is possible to 1.14145 and then to 1.14649.
Negative Expectations:
If price slips below 1.13239, it should head toward the support level of 1.12629.
An actual breakdown in the channel may bring prices down even more.
Strategy:
A good position for buyers might be near 1.13239 or 1.12629 while keeping their stops close.
When the price is below 1.12629, sellers may aim for 1.1200.
Key Levels:
Resistance is measured at 1.14145 / 1.14649.
Support at 1.13239 / 1.12629
GOLD UPDATE, June 5
Trend: Bullish (Short-term – consolidation phase)
Gold is trading
above an ascending trendline. Strong support at $3,345 & $3,334. Bulls defending higher lows = underlying strength intact.
Upside Outlook:
Break above $3,380 
Next target: $3,395
Sustained momentum above $3,395 = bullish continuation
Downside Risk:
- Initial support at $3,345, deeper at $3,334
- Break below $3,334 = watch the trendline; may lead to a bigger pullback
Strategy:
Look to buy dips near $3,345 / $3,334
Stop-loss below trendline
Add longs if breakout confirmed above $3,380
Key Levels:
Current: $3,365
R2: $3,395, R1: $3,380
S1: $3,345, S2: $3,334
Still in consolidation, but trendline support keeps bulls in control. Watch for breakout moves!
Daily Analysis: Gold (XAU/USD)
- Due to a bullish correction in the US Dollar, currently, gold is showing minor bearish retracements
- Prices are currently hovering around 3360, below the fib level 0.786 (3363).
- But the metal remains above the ascending trend line
Projections
- Based on ultra-weak labor data, including ADP Private Payroll & Jobless Claims, and projected weaker NFP data signaling softening of the labor market.
- A soft labor market will weigh on Dollar rates, which will make gold cheaper in dollar terms
- Cheaper gold will increase its demand, and prices might shoot higher
Important Levels
- If prices further rise and sustain above 3400, then the next crucial resistance lies at 3435, with an immediate upside hurdle zone between 3410-3415
Alternative Scenario
- If prices continue to fall, & breach the ascending trendline, then immediate support lies at 3333 with far support at 3315 (fib level 0.618 & confluence with the Demand Order Block)
