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Gold technical analysis for June 3, 2015

Gold price continues to trade above the red trend-line support coming from $1,140. The ritical support trendline is held. However, the price is still below the Ichimoku cloud resistance. I believe we will see a break above or below the critical levels soon and Gold price will start a new trend.




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Gold price has reached the 50% Fibonacci retracement of a decline from $1,307 to $1,140. The upward bounce from the March lows is corrective and in 3 waves. I believe we should expect the next impulsive move downwards towards the critical support at $1,130.




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