Technical analysis: Spot gold may rebound to $3,402
2025-06-19 13:19:08
During the Asian session on Thursday (June 19), spot gold fluctuated narrowly and is currently trading around $3,375 per ounce.
Reuters technical analysts pointed out that spot gold could rebound to $3,402 an ounce, having now climbed above $3,372.
The false break below the $3,372 support level suggests that the correction from $3,451 is complete or it is the first part of this correction.
A breakout of $3,402 could lead the price to the $3,421–$3,437 range, while a break below $3,362 will confirm a continuation of the downtrend to the $3,324–$3,348 range.
Signals on the daily chart suggest that gold's upside is limited as it could fall below the tight range of $3,368 to $3,397 based on a bearish engulfing pattern that formed between June 13 and June 16.
Such a decline could extend to the $3,303 to $3,339 range. Once the market falls into this range, the uptrend since $3,120 will be considered a reversal.
At 13:18 Beijing time, spot gold was trading at $3373.67 per ounce.
Reuters technical analysts pointed out that spot gold could rebound to $3,402 an ounce, having now climbed above $3,372.
The false break below the $3,372 support level suggests that the correction from $3,451 is complete or it is the first part of this correction.
A breakout of $3,402 could lead the price to the $3,421–$3,437 range, while a break below $3,362 will confirm a continuation of the downtrend to the $3,324–$3,348 range.
Signals on the daily chart suggest that gold's upside is limited as it could fall below the tight range of $3,368 to $3,397 based on a bearish engulfing pattern that formed between June 13 and June 16.
Such a decline could extend to the $3,303 to $3,339 range. Once the market falls into this range, the uptrend since $3,120 will be considered a reversal.
At 13:18 Beijing time, spot gold was trading at $3373.67 per ounce.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
