Gold market commentary (XAUUSD) week 17/4-21/4/2023

Gold prices turned lower and fell to 1 ,992, hitting a three-day low. In the recovery, climbs back above 2 ,000 on a volatile Friday amid a resurgence in the US Dollar.

From a technical perspective, nothing seems to change for gold prices and the short-term bias remains in favor of bullish traders. Therefore, some further strength back to retest all-time highs, around the 2 ,070- 2 ,075 area, looks like a distinct possibility. On the other hand, any meaningful pullback could find good support near the 2 ,020 area ahead of the 2 ,014- 2 ,013 area. However, the drop is likely to attract new buyers near the psychological 2 ,000 mark, which should help limit losses for XAU/USD near the 1 ,990 - 1 ,980 horizontal support.

Support level: 1990 - 1888 - 1880

Resistance: 2026 - 2034 - 2040

Trading recommendation:

SELL 2027 - 2028

Stop Loss : 2031

Take profit 1: 2020
Take profit 2: 2015
Take profit 3: 2010

BUY 1991-1994

Stop Loss : 1989

Take profit1 : 2000
Take Profit 2: 2005
Take profit 3: 2010

Note: Always install Stoploss and Takeprofit to ensure safety in trading