Throughout May, a turbulent news backdrop — involving both international trade tariffs and armed conflicts — led to the formation of a peak around $3,430 and a low near $3,130 on the XAU/USD chart. As of today, the price per ounce stands around $3,300 — roughly the same level as at the beginning of the month.

This suggests that supply and demand forces are largely balanced, keeping the price contained between these extremes. The XAU/USD chart provides further confirmation, emphasising the significance of the $3,300 level.

Technical Analysis of the XAU/USD Chart

From a bearish perspective: The A→B→C→D→E sequence forms lower highs and lower lows — a clear sign of a downtrend. This trajectory is marked in red, with the upper line acting as resistance.

From a bullish perspective: Since the beginning of 2025, the gold price has been moving in an uptrend,indicated by a blue channel, with its lower boundary serving as key support (highlighted with arrows).

Notably, these support and resistance lines are converging, forming a narrowing triangle — an indication that supply and demand are balancing, finding consensus around the $3,300 level, where the axis of the triangle lies.

Given this, it is reasonable to assume that in June, the gold price on the XAU/USD chart may continue to fluctuate within this triangle — unless an extraordinary event causes a significant shift in the current balance.

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