Gold price entered the adjustment period after create a new peak
Updated
Gold prices continued to decline on Tuesday, completely covering the recovery phase after the pullback from the $2,450 mark. However, gold remains supported by rising expectations of a Fed rate cut, ongoing geopolitical tensions, along with strong demand from central banks and Asian buyers.
The daily chart of the XAU/USD pair favors an extension to the upside, as the pair trades above all of its moving averages. In fact, the 34 Simple Moving Average has modest upward traction at around $2,340, while the longer moving averages point further north than that. Furthermore, technical indicators are all moving higher near overbought levels with no signs of exhaustion.
Gold prices hit a new record high early Monday hitting $2,450. The precious metal fell in price during the US trading session, mainly due to profit-taking, as the USD did not fluctuate much. The USD traded gloomy on the foreign exchange board due to a lack of new information from the economic calendar.
Gold price is approaching the important level 2407 which determines the next trend of gold.
Plan May 21
Support: 2401 - 2391 - 2379
Resistance: 2431- 2442 - 2453 - 2458 - 2473
Breakout and retest: 2431 - 2407
SELL price range 2454 - 2456 stop 2460
BUY price range 2392 - 2390 stop 2386
The daily chart of the XAU/USD pair favors an extension to the upside, as the pair trades above all of its moving averages. In fact, the 34 Simple Moving Average has modest upward traction at around $2,340, while the longer moving averages point further north than that. Furthermore, technical indicators are all moving higher near overbought levels with no signs of exhaustion.
Gold prices hit a new record high early Monday hitting $2,450. The precious metal fell in price during the US trading session, mainly due to profit-taking, as the USD did not fluctuate much. The USD traded gloomy on the foreign exchange board due to a lack of new information from the economic calendar.
Gold price is approaching the important level 2407 which determines the next trend of gold.
Plan May 21
Support: 2401 - 2391 - 2379
Resistance: 2431- 2442 - 2453 - 2458 - 2473
Breakout and retest: 2431 - 2407
SELL price range 2454 - 2456 stop 2460
BUY price range 2392 - 2390 stop 2386
Trade active
BUY GOLD now 2315-2316 SL 2310Note
running + 35 pipsTrade closed: target reached
BUY GOLD + 150 pipsTrade closed: target reached
Note
Hit FULL TP + 500 pips
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