đź’ˇ XAUUSD: Analysis May 22
Updated
Gold decreased yesterday, but with the structure of bar D1 decreasing with a narrow amplitude, lower shadow and closing above half of the amplitude, buying power is still shown from below. Considering that the price is located around the old peak, that is, the resistance zone, the price behavior is happening like that, showing that the buying force is maintained. This is positive for the price increase. The structure of Gold D1 is sideways in the price range, overall it is inclined to increase.
H1 gold moves inside the accumulation price range, showing a sideways period. Because both time frames tend to favor price increases, H1 Gold today can continue to wait to buy from the support areas below. The area just below the confluence with the round number 2,300 adds to the strength of support.
đź’ˇ H1 trend: Gold moves sideways.
Today trading idea: Buy Gold.
H1 gold moves inside the accumulation price range, showing a sideways period. Because both time frames tend to favor price increases, H1 Gold today can continue to wait to buy from the support areas below. The area just below the confluence with the round number 2,300 adds to the strength of support.
đź’ˇ H1 trend: Gold moves sideways.
Today trading idea: Buy Gold.
Note
Recently, gold has been strongly supported in the context of geopolitical and economic instability. According to data from the World Gold Council, since the beginning of the year until now, gold prices have increased more than 16%, reaching a record high of over 2,400 USD/ounce in May. Some experts say that gold may be readily available. Get ready for another price hike. Citi Bank analysts recently optimistically predicted that gold could reach $3,000/ounce within the next 6 to 18 months.Note
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