The following is a technical daily analysis for June 3, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Here, we will provide forecasts for price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.

GBPUSD



GBP/USD on the 1-hour timeframe is above the pivot area at 1.27366, attempting to move up towards the first resistance area at 1.27680 and then towards the second resistance area at 1.28000. Meanwhile, the RSI indicator is below the pivot area, suggesting that the pound sterling may experience a correction first before moving higher.

Suggest: Buy 1.27300 TP1 1.27600 TP2 1.27800 SL 1.27000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27260

1.27662

1.27003

1.27444

1.27319

0.00125

0.10%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28340

1.28000

1.27680

1.27340

1.27020

1.26680

1.26360



XAUUSD (LOCO LONDON GOLD)



Gold prices on the 1-hour timeframe are above the pivot area at 2316.50, attempting to move up towards the pivot area at 2338.10 and then towards the first resistance area at 2355.60. Meanwhile, the RSI indicator is below the pivot area, indicating that gold has the potential to rebound.

Suggest: Buy 2322.00 TP1 2327.00 TP2 2337.00 SL 2317.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2344.07

2359.69

2320.61

2328.15

2342.33

-14.18

-0.61%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2394.70

2377.20

2355.60

2338.10

2316.50

2299.00

2277.40


CLSK (OIL)



Oil prices on the 1-hour timeframe are above the first support area at 76.39, with the potential to move up towards the pivot area at 77.49 and further towards the first resistance area at 78.33. Meanwhile, the RSI indicator is below the pivot area, suggesting that oil prices have the potential to rise.

Suggest: Buy 76.70 TP1 77.20 TP2 77.70 SL 76.20

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

77.86

78.59

76.65

77.24

77.89

-0.65

-0.83%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.27

79.43

78.33

77.49

76.39

75.55

74.45

 


That's the explanation of "Technical Daily Analysis: June 3, 2024 – US Dollar in Monthly Decline." Also, check out our other articles, such as an explanation on how to buy cryptocurrency, only on GIC Journal. Don't forget to sharpen your trading skills by getting the Scalping Ebook guide. Make sure to download the GIC Mobile Apps on Google Play Store.