Market – May 19
Gold price ascent took off in February. The spread of the Williams Alligator strings revealed a transformation from a long-term consolidation to an uptrend. The price soared till the supply level of 2414.0 was reached. Gold prices crashed upon reaching the resistance level. Bulls have reorganized to enforce a breakout above the resistance zone.
Market Analysis – May 19
Demand Levels – 2320.0, 2285.0 2140.0
Supply Levels – 2500.0, 2600.0, 2700.0
Gold Long-term trend: Bullish
Gold has just completed a major pullback on its bullish trend. The bulls were exhausted after a steady ascent from 2140.0. The Hull Butterfly Indicator signaled a decrease in bullish momentum with the reduced size of the green bars. In May the indicator read negative to show a downward turn in the price.
The price descent halted after the daily candles rested on the Williams Alligator. The current distinction of the daily candles above the Williams Alligator reveals a resumption of the bullish trend.
Gold Short-term trend: Bullish
The shift in market structure that led to the resumption of the price ascent is clear in the lower timeframe. Using top-down analysis by observing multiple timeframes helps determine direction and reversals. The price is expected to rise to the next significant level of 2500.0
You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade here. Buy LBLOCK
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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
