Gold Bullish Momentum Expected!

20 May 2021 | Updated: 20 May 2021

Gold stands at 1871.42 trying to stabilize inside of the buyer’s territory. It has decreased again after yesterday’s amazing rally to retest the near-term broken levels. The bias is bullish in the short term after the latest developments.

I’ve told you in my VIP Live Session yesterday that personally, I’ll wait for the price of gold to decrease a little before deciding to go long again. Now, the yellow metal is located above a support area, so we could search for long opportunities.

XAU/USD H4 Chart Technical Analysis!

Gold has decreased to test and retest the weekly R2 (1870.24) and the upside sliding line (sl1). Stabilizing above these obstacles and coming back above 1875.04 immediate resistance may attract more buyers.

The price of gold could increase again if the US Unemployment Claims will come in worse than expected. The current bullish scenario could be invalidated by a drop and stabilization below the sliding line (sl1).

Conclusion!

Registering a new higher high, jumping, and closing above 1879.13 immediate high could bring us a new buying opportunity.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.