Technical analysis update: XAUUSD (17th May 2021)
Updated
As all our previous price targets for gold were reached we would like to upgrade our short term price target for XAUUSD to 1875 USD per ounce. Bullish RSI and MACD support bullish case for gold. Also rising inflation plays in favor of gold. Furthermore, we think that the downtrend in cryptocurrency market will further support rotation into gold.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Note
This is our first forecast on XAUUSD from 16th April 2021.
Note
We expect XAUUSD to break above upper trendline of downward moving channel very soon.Trade closed: target reached
Price target of 1875 USD per ounce has been reached.
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