GOLD → Fighting for levels. When do we go to 2500?

21 May 2024

XAUUSD is forming a correction to the liquidity area after ATH update. To continue the growth the market needs to get confirmation from the bulls. The price still looks quite confident.



A corrective wave is being formed, confirming the end of the impulse bullish wave and the market's readiness to go for a fifth, which in general determines the medium-term prospects for us. The strong support area is the zones: 2417, 2400. Most likely, before further growth, the market may test these liquidity zones, but, a good signal and confirmation of readiness to go up will be the closing and consolidation of the price above 2417 and 2431.

Support levels: 2417, 2497, 2397
Resistance levels: 2431, 2437, 2450

Now there is a struggle between traders for strong levels, fundamentally and technically the bulls have the advantage, it is necessary to wait for confirmation on the chart, in order to take some measures for trading.

Regards R. Linda!

21 May 2024

İşlem aktif

The market is testing 2431 (strong resistance)
The fight for the area 2417 - 2431 continues
Consolidation above or below the zone will determine the winner