GOLD:17/05 After last night's news, the downward trend continues

17 de mai. de 2023

GOLD Gold prices (XAU/USD) showed some buying interest after falling below 1990 during the Tokyo session. The precious metal has seen some recovery as the US Dollar Index (DXY) is struggling to extend its rally above 102.75. Gold price has yet to develop a strong uptrend as it needs to pass more filters to gain traction.
Gold price analyzed the breakdown of the Rising Channel chart pattern formed on the four-hour scale, however, the breakdown needs to pass some more filters. An intermediate resistance is drawn from the May 5 low of 1999.55. The 10-period exponential moving average (EMA) sloping down at $2,000 is hindering the Gold bulls.
The Relative Strength Index (RSI) (14) has slipped into a bearish 20.00-40.00 range, which suggests more bearishness to come.


SELL GOLD 2002- 2005

Stoploss: 2010

Take profit 1: 2000
Take profit 2: 1995
Take profit 3: 1985