GOLD → ATH Update. What are the reasons? Next up is 2500?

20 May 2024

XAUUSD has been breaking through ATH and testing 2450 since the opening of the session. Possible reasons could be fundamentally weak dollar, as well as geopolitical reasons related to Iran



Earlier we defined exactly the end of the correction, the intermediate bottom at that moment was the area of 2300 and since that moment the price has overcome the way of 150 dollars or 6%. The bulls are back in the market and traders are ready to support the acutal trend.
It is worth paying attention to the support of 2431, 2417, it is possible the beginning of a small correction (assumed 4th wave), within which the price can test the above mentioned areas of liquidity before further growth.

Support levels: 2431, 2425, 2417
Resistance levels: 2450, 2475

The bulls will actively defend the nearest liquidity areas and strong support levels, as these are the risk areas for the buyer. The trend may get its continuation either after a pullback or when the price breaks through and consolidates above 2450

Regards R. Linda!

20 May 2024

İşlem aktif

A retest of strong support is forming (Earlier I talked about 2417)
Consolidation of the price above this level will give an opportunity to bulls to show themselves and strengthen the market

20 May 2024

İşlem aktif

A false breakout is formed relative to 2417.
We are waiting for the price to consolidate above 2417

20 May 2024

İşlem aktif

20 May 2024

İşlem aktif

Closing the session above 2431 will be a very strong sign for continued growth

21 May 2024

İşlem aktif

A struggle is forming in the market