Gold May Undergo Short-Term Correction Before Continuing Uptrend

📊 Market Overview:
Gold prices are currently around $3,307/oz, up 0.5% on June 2, supported by safe-haven demand amid escalating geopolitical tensions and trade concerns. However, after reaching a peak of $3,500 in April, gold has corrected as market sentiment shifted towards riskier assets due to easing US-China trade tensions.

📉 Technical Analysis:
• Key Resistance: $3,325 – $3,350
• Nearest Support: $3,280 – $3,265
• EMA: Price is above EMA 09 → uptrend.
• Candlestick Patterns / Volume / Momentum: Gold is in a consolidation phase with a slight upward bias. Technical indicators like RSI(14) at 56.183 and MACD(12,26) signaling buy suggest continued upward momentum.

📌 Outlook:
Gold may experience a short-term correction if it fails to hold the $3,280 support level. However, the long-term trend remains positive if the price stays above EMA 09 and does not break key support.

💡 Suggested Trading Strategy:
SELL XAU/USD at: $3,325 – $3,330
🎯 TP: $3,305
❌ SL: $3,335
BUY XAU/USD at: $3,280
🎯 TP: $3,300
❌ SL: $3,270