GOLD 22/05: Gold has climbed above the 1980 zone!

22 May 2023

GOLD Gold prices have rebounded above potential resistance, which has turned support, drawn from mid-month lows at $1,970 on a four-hour scale. The precious metal shows a V-shaped recovery from around 1955 amid the emergence of responsive buyers.
Confident sustainability above the 20-period Exponential Moving Average (EMA) at $1,980 will turn the short-term trend positive.
The Relative Strength Index (RSI) (14) briefly moved back into the 40.00-60.00 range, which indicates a bullish reversal.
US Dollar Index (DXY) refreshed intraday low at 102.96 as Fed is expected to keep rate policy unchanged due to tightening credit conditions by regional banks The US is putting pressure on inflation.


SELL GOLD zone 1993-1995

Stoploss: 2000
Take Profit 1: 1988
Take Profit 2: 1983
Take Profit 3: 1975