Technical Analysis: May 31, 2024 – USD May Correct Ahead of PCE

Here is the technical daily analysis for May 31, 2024. The data and analysis in this bulletin can be broadly applied to your trading. However, please be aware that GICTrade and data providers are not responsible for your trading results.

Below, we will provide price movement forecasts in Forex and Commodities, complete with calculated levels of Pivot points, Resistance, and Support.

EURUSD



On the 4-hour chart, EUR/USD is positioned below the first resistance level at 1.08460, attempting to move downward towards the pivot area at 1.08170 and potentially reaching the first support level at 1.07890. Meanwhile, the RSI indicator is below the pivot area, suggesting that the euro has the potential to decline further.

Suggest: Sell 1.08300 TP1 1.08100 TP2 1.07900 SL 1.08500

XAUUSD (LOCO LONDON GOLD)



On the 1-hour chart, gold prices are positioned above the pivot area at 2338.60, attempting to move upward toward the first resistance level at 2354.60 and potentially reaching the second resistance at 2367.80. Meanwhile, the RSI indicator is above the pivot area, suggesting that gold prices have the potential to rise further.

Suggest: Buy 2338.00 TP1 2345.00 TP2 2355.00 SL 2333.00

CLSK (OIL)



On the 1-hour chart, oil prices are positioned above the first support level at 77.21, with the potential to move upward toward the pivot area at 78.29 and possibly reach the first resistance at 78.96. Meanwhile, the RSI indicator is below the pivot or at the 30 level (oversold), indicating that oil prices have the potential to rise.

Suggest: Buy 77.70 TP1 78.20 TP2 78.70 SL 77.20

That's the explanation of "Technical Daily Analysis: May 31, 2024 – Ahead of PCE, USD Poised for Correction." Also, check out our other articles, such as a guide on how to buy cryptocurrency, exclusively on GIC Journal. Don’t forget to improve your trading skills by getting the Ebook Scalping guide. Make sure to download the GIC Mobile App on the Google Play Store.