Gold (XAUUSD) has been trading in a tight range between $3,436 and $3,125 over the past month, reflecting a consolidating market. According to insights from FXStreet’s Gold Markets, analysts are closely monitoring the price action as the possibility of a spinning top candle formation grows stronger. This pattern, if confirmed, could signal a shift in market momentum for June.
Interestingly, Gold has not posted a single red monthly candle in the last five consecutive months, highlighting strong bullish momentum. However, as June approaches, the market is showing signs of exhaustion, and traders should prepare for potential shifts.
Gold Price Prediction: Monthly Candle Outlook
The current monthly chart suggests that Gold may close as a spinning top candle, which often signals indecision and a potential reversal. With only a few days left in the month, a spinning top formation could indicate that the bulls are losing steam, and a retracement may follow.
Looking at the weekly chart, there is one day left for the candle to close, and so far, the price action is fully bullish. The lower wick on the weekly candle is negligible, suggesting strong buying interest and minimal selling pressure. If the weekly candle holds its current structure, Gold could sustain this momentum into the next week.
XAUUSD Price Prediction: Key Levels for Traders
For intraday trading, Gold is currently hovering around $3,357. Traders should monitor resistance at $3,412 and support at $3,378. If a sell setup emerges near these levels, it could provide a favorable risk-reward opportunity.
Intraday traders are advised to use the 5 EMA strategy on the 1-hour timeframe for clearer signals. This setup can help identify short-term momentum shifts and trade opportunities. If you’re unfamiliar with the 5 EMA setup, read the linked guide below for a step-by-step breakdown.
Prepare for June: Volatility Ahead
June is shaping up to be a key month for Gold traders. Analysts expect a potential 200-point move in the coming weeks, driven by market sentiment, technical patterns, and macroeconomic factors.
As always, capital preservation is key. Traders should be cautious, manage risk carefully, and wait for confirmed setups before entering positions. For now, Gold remains in a range, but the potential for a strong breakout is on the horizon.
Gold Price Prediction: Summary for Traders
- Monthly Outlook: Spinning top candle likely; cautious sentiment
- Weekly Outlook: Bullish candle with minimal selling pressure; one day left to close
- Intraday Range: $3,357 – $3,412 (resistance), $3,378 (support)
- Key Strategy: 5 EMA setup on 1H timeframe
- Upcoming Month: Expect high volatility; potential 200-point move in June
💡 Read the 5 EMA setup guide for intraday trading strategies – 5EMA.
💡 Understand the spinning top pattern and how to trade it in June – Spinning Top Setup.