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XAU/USD: technical analysis on 04.06.2015

On the four-hour chart the pair is undergoing correction after a leap of price on Monday associated with the release of the business activity index in the US manufacturing sector. At the moment, the price is trying to reach important support level of 1180.00, forming a pattern “downward triangle”. The chances are high that the price movement will stop after breakdown of the bottom limit of the triangle (1180.00), as generally, downward trend dominates. In this case the price of the pair XAU/USD can drop to 1174.70 and 1171.60.

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