Gold trades at 1749 and continues to move within the growth and upward channel. XAU/USD quotes are moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates a bullish trend in Gold. Within the Gold price forecast for May 21, 2020. An attempt at falling prices of the precious metal and a test of the signal line area of the Ichimoku Kinko Hyo indicator are expected.
GOLD/USD, 30 min
Pivot: 1742.00
Analysis:
Provided that the price is below 1752.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1742.00
- Take Profit 1: 1732.00
- Take Profit 2: 1724.00
Alternative scenario:
In case of breakout of the level 1752.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1752.00
- Take Profit 1: 1758.00
- Take Profit 2: 1765.00
Comment:
RSI shows the possibility of a downtrend.
Key levels:
Resistance | Support |
1765.00 | 1732.00 |
1758.00 | 1724.00 |
1752.00 | 1716.00 |
GOLD/USD, D1
Pivot: 1749.00
Analysis:
As long as the price is above 1680.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1749.00
- Take Profit 1: 1790.00
- Take Profit 2: 1835.00
Alternative scenario:
In case of breakdown of the level 1680.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1680.00
- Take Profit 1: 1645.00
- Take Profit 2: 1610.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance | Support |
1885.00 | 1680.00 |
1835.00 | 1645.00 |
1790.00 | 1610.00 |