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Mihai_Iacob
May 18, 2023 6:35 AM

Gold could reverse to the upside 

GoldOANDA

Description

In my yesterday's comment, I said that Gold could drop further and test 1970's very important support.
Indeed, after an anemic rise above 1990, the price continued down and made a low at 1975.
With the long-term trend up and short-term trend down, XauUsd is pretty tricky at this moment.
However, considering the importance of the support zone, I favor gains from this point on and 2k resistance could represent the target.
A clear break under 1970 would put a pause to this scenario.

Comments
melikatrader94
A potentially successful plan. Thanks for sharing
Mihai_Iacob
WalterMoon
Thanks for awesome XAUUSD explanation
Mihai_Iacob
@WalterMoon, welcome
ProjectSyndicate
similar expectations overall, but I expect a lower print first next week
Mihai_Iacob
@ProjectSyndicate, yes, it can spike under horizontal support
HAMED_AZ
Agree with you
Mihai_Iacob
@HAMED_AZ, thanks for comm
StewySongs
Interesting stuff.
jpeacockfx
Possible idea. We'll keep an eye out!
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