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:

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: