GOLD Price Declines After the Third Test of 2068.0

Market Analysis – May 14

Gold has reached its all-time high again after the change in market direction in 1612.0. The months of October until the current time were used to produce a buy-side delivery of the bearish swing from 2068.0 to 1612.0.

Gold Major Levels
Resistance Levels: 2068.0, 2043.0
Support Levels: 1978.0 1612.0

Gold long-term trend: Bullish

Gold has performed brilliantly in the last few months, with a significant increase in value. The market has risen by 28.42 percent since the bullish change in market direction played out in October. The all-time high was met with resistance at 1978.0. The stochastic indicator was oversold as the market ascended to the resistance level of 1978.0. This caused a significant pullback of about 7.68 percent. The price dived to the support level of 1804.0.

The buyers recovered immediately with the establishment of a double-bottom bullish reversal pattern at the demand zone of 1804.0. The resumption of the market’s ascent became obvious with the repositioning of the Moving Average (period nine) below the daily candles in March.

Gold Short-Term Trend: Bullish

The market is experiencing a retracement after it tested the key level of 2068.0. The Stochastic is oversold on the 4-hour chart; hence, anticipate a bullish reversal in the parallel channel.

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