Gold Prices Pullback on Stronger Dollar, but Maintain Bullish Bias

Gold prices fell on Friday, June 21, 2024 as the US dollar gained ground against most major currencies. According to the analysis:

• Gold prices showed a slight bearish bias on June 21, 2024 and fell over 1%, marking weekly losses.

• The drop in gold prices was driven by the US dollar gaining strength against other major currencies.

• However, the analysis suggests gold prices still have a slight bullish bias and are attempting to resume the expected bullish wave. The analysis forecasts gold prices could target $2,385 as the next resistance level, as long as prices hold above $2,340.10 support.

• Prior to the price drop, gold and silver prices had climbed more than 1% on June 21, reaching their highest levels in two weeks. This was driven by weaker US economic data that increased the likelihood of Federal Reserve interest rate cuts later this year.

• Experts believe gold could hold support at $2,328 per troy ounce on a weekly closing basis. Gold is expected to have support at $2,340-2,321 and resistance at $2,374-2,388.
  
  

In summary, while gold prices saw a pullback on June 21, 2024, the overall analysis suggests gold still has a bullish bias and could target higher levels in the medium-term, as long as key support levels hold.