6.1 Morning Gold Outlook

Gold suddenly plunges! What's next?

On June 1st, during the Asian session, spot gold is quoted at $4,534.24 per ounce, down slightly by 0.13% intraday.

From a news perspective, the Federal Reserve's preferred April core PCE price index roughly meets market expectations, and the market bets that the Federal Reserve will hold steady in June with a probability of over 90%. However, overnight, the three major U.S. stock indices all closed higher, diverting safe-haven funds, combined with profit-taking by gold bulls, which became the main driver behind the sharp drop in gold prices.

Looking at technical analysis, the 30-minute and 1-hour KDJ indicators both show death crosses and diverge downward, with short-term moving averages turning downward to form strong resistance. The 1-hour chart has broken below the 20-day moving average at the key support level of 4534. The first support below is the intraday low of 4518, with resistance in the 4560-4570 range.

Finally, Teacher Yan Yan's trading strategy: focus on short positions during the Asian session, entering staggered short orders on rebounds in the 4550-4560 range, targeting 4520-4510; if the price quickly drops to 4510 without breaking below, consider light long positions to target 4535. #黄金、 #黄金