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Market Analysis – May 24
Gold has exhibited exceptional performance over the past two months. From December to February, the price of gold remained relatively stable. However, March saw a breakout from this prolonged consolidation, injecting volatility into the market. The price surged to $2431.0, marking the highest point of the year so far.
Gold Key Levels
Demand Levels: $2222.0, $2074.0, $1975.0
Supply Levels: $2431.0, $2500.0, $2600.0
Long-Term Trend: Bullish
The daily chart of XAUUSD reveals a bearish divergence. Between April and May, the price action formed a significantly higher high, in contrast to the RSI, which showed a lower high in May compared to April. This lower high on the RSI signals underlying weakness in the market.
Earlier this week, the price encountered resistance at the upper Bollinger Bands, which impeded further upward movement. Despite the overall uptrend, the price is currently declining towards the unmitigated order block at $2222.0.
Short-Term Trend: Bearish
The most recent bullish order block on the daily chart failed to hold. On the daily timeframe, the retracement appears to signal a potential trend reversal on the 4-hour chart. Relative equal lows are positioned above the previous demand zone of $2222.0. The market is likely to seek liquidity at these lows to facilitate a continuation of the uptrend.
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