Spot gold continued to rise in the Asian session on Friday (June 13), reaching a high of $3,443.18 per ounce, an increase of about 1.57%.
Reuters technical analysts pointed out that spot gold is expected to test the resistance level of $3,450 per ounce, breaking through which it may rise to the range of $3,473 to $3,488.
The c wave that opened at $3,294 briefly broke through the 86.4% forecast level of $3,429. Currently, the wave is moving towards the 100% forecast level of $3,450. The current rise is classified as a continuation of the previous upward trend that started at $3,245.
The support level is at $3,413, and a break below this level may cause gold prices to fall to the range of $3,372 to $3,391. The daily chart shows that gold prices are expected to return to the high of $3,500 on April 22.
Depending on how deep the decline is from this high, gold prices could eventually rise to $3,800.
XAUUSD GOLD XAUUSD GOLDQ2025 XAUUSD
Reuters technical analysts pointed out that spot gold is expected to test the resistance level of $3,450 per ounce, breaking through which it may rise to the range of $3,473 to $3,488.
The c wave that opened at $3,294 briefly broke through the 86.4% forecast level of $3,429. Currently, the wave is moving towards the 100% forecast level of $3,450. The current rise is classified as a continuation of the previous upward trend that started at $3,245.
The support level is at $3,413, and a break below this level may cause gold prices to fall to the range of $3,372 to $3,391. The daily chart shows that gold prices are expected to return to the high of $3,500 on April 22.
Depending on how deep the decline is from this high, gold prices could eventually rise to $3,800.
XAUUSD GOLD XAUUSD GOLDQ2025 XAUUSD 
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Senior market strategy analyst | CFA® charter holder | Builder of a profit system with millions of members. "Don't be a market forecaster, just a profit engineer. If you want to join, please click 🚀🚀🚀:t.me/EagleEyePrecisionAnalysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.