The following is a technical daily analysis for June 4, 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.

EURUSD



EUR/USD on the 1-hour timeframe is below the first resistance area at 1.09140, attempting to move down towards the pivot area at 1.08710 and then towards the first support area at 1.08370. Meanwhile, the RSI indicator is below the pivot area, suggesting that the euro has the potential to move down further.

Suggest: Sell 1.09000 TP1 1.08800 TP2 1.08600 SL 1.09200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08463

1.09046

1.08279

1.09041

1.08475

0.00566

0.52%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09910

1.09480

1.09140

1.08710

1.08370

1.07940

1.07610



XAUUSD (LOCO LONDON GOLD)



The gold price on the 1-hour timeframe is below the first resistance area at 2358.60, attempting to move down towards the pivot area at 2336.70 and then towards the first support area at 2318.70. Meanwhile, the RSI indicator is below the pivot area, suggesting that the gold price has the potential to move down.

Suggest: Sell 2345.00 TP1 2340.00 TP2 2330.00 SL 2350.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2328.31

2354.74

2314.76

2348.95

2328.15

20.80

0.89%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2398.60

2376.70

2358.60

2336.70

2318.70

2296.70

2278.70



CLSK (OIL)



The oil price on the 1-hour timeframe is below the pivot area at 75.21, indicating the potential to move down to the first support area at 72.92 and then towards the second support area at 71.68. Meanwhile, the RSI indicator is below the pivot area (indicating oversold conditions), suggesting that the oil price may move down first before rebounding.

Suggest: Buy 73.00 TP1 73.50 TP2 74.00 SL 72.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

76.94

77.50

73.97

74.15

77.24

-3.09

-4.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

79.98

78.74

76.45

75.21

72.92

71.68

69.39

 


So, that concludes the explanation of "Technical Daily Analysis: June 4, 2024 – US Dollar in a Downward Trend." Be sure to check out our other articles, such as the guide on how to buy cryptocurrency, available only in the GIC Journal. Don’t forget to enhance your trading skills by obtaining the Ebook Scalping guide. Make sure to download the GIC Mobile Apps from the Google Play Store.