Technical Analysis: XAUUSD

XAUUSD plunged by more than 1%

On Monday, XAUUSD fell from a high level. It broke below the US$3400 mark at one point. It ended down 1.40% at US$3385.30 per ounce.

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Technically speaking, the bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD closed to the bearish engulfing pattern yesterday. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 3360. It will fall further with potential support at 3315 if it breaks below 3360.

4-hour chart

On the 4-hour chart, XAUUSD fell from a high level. It is likely to retreat in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the bearish market trend prevailed. Investors should focus on whether XAUUSD will break through the resistance at 3423. It will continue declining if it rebounds but is capped at 3423.

Key resistance: 3423,3451

Key support: 3360,3315

Generally speaking, XAUUSD is more likely to fall in the short term. Investors should focus on US Retail Sales, m/m (May) during the day.