XAUSUD Strategy and View 21st May 2024
Updated
Gold prices gave back some of its recent gains and are trading in a consolidation mode amidst no clear indications of rate cut by US Fed. Prices are also awaiting further clues from this week’s FOMC meeting minutes due to be released tomorrow and PMI data on Thursday.
Technically speaking, Weekly and Daily structure is bullish. Though we can expect some correction towards support area and in demand zone. Possibility of a pullback towards $2385-$ 2395 is on the cards.
RSI divergence is visible on 4 hr time frame.
Bollinger Bands suggest prices may retrace towards the lower band or mean around $2400-$2370 as prices have reached the top band. $2370 is an important support zone.
Buy on dips remains a broad strategy.
Look to buy around $2380-$2390 with SL below $2365 Target $2440 and further up if breaks above recent high $2450, then position can be continued with trailing SL.
However if prices breaks below $2360, we can expect dip towards $2330 and then wait for further levels to buy.
#goldstrategy #XAUUSD #goldtechnicalview #FXstrategy #XAUUSDtrading #goldtrading
Technically speaking, Weekly and Daily structure is bullish. Though we can expect some correction towards support area and in demand zone. Possibility of a pullback towards $2385-$ 2395 is on the cards.
RSI divergence is visible on 4 hr time frame.
Bollinger Bands suggest prices may retrace towards the lower band or mean around $2400-$2370 as prices have reached the top band. $2370 is an important support zone.
Buy on dips remains a broad strategy.
Look to buy around $2380-$2390 with SL below $2365 Target $2440 and further up if breaks above recent high $2450, then position can be continued with trailing SL.
However if prices breaks below $2360, we can expect dip towards $2330 and then wait for further levels to buy.
#goldstrategy #XAUUSD #goldtechnicalview #FXstrategy #XAUUSDtrading #goldtrading
Note
Exit buy As expected prices reached around $2330 on break below $2360.
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