GOLD: 19/05. Sellers still prevail?

19 May 2023

GOLD Gold prices extended the downside break of the two-month ascending trendline and the 50 DMA as it created support at 1955 including the late-January high.
Adding strength to the seller's dominance are the bearish signals from the Moving Average Convergence and Divergence (MACD) indicator. However, the Relative Strength Index (RSI) line, set at 14, is still well below the 50 level and shows that Gold prices are bottoming out.
Therefore, the 100 DMA and the upward sloping support line extending from November 2022, near $1,930 and $1,925 respectively, could limit the further downtrend of XAU/USD.
In the event that the Gold price still falls through the $1,925 level, the possibility of seeing a drop to the $1,910 round-up cannot be ruled out.
Conversely, the previous 50-DMA support line, near 1986$ and 1990$ in that order, will stand against the round figure of $2,000 to limit the short-term rally in Gold prices.
If XAU/USD remains firmer beyond the psychological magnet $2,010, highs marked in late March and early April, around $2,015 could act as an additional test before ending. pushes quotes towards 5-week horizontal resistance near $2,040.



BUY GOLD 1950-1953

Stoploss: 1945
Take Profit 1: 1958
Take Profit 2: 1965
Take Profit 3: 1970



SELL GOLD 1968-1972

Stoploss: 1978
Take Profit 1: 1963
Take Profit 2: 1958
Take Profit 3: 1950

19 May 2023

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