Technical analysis update: XAUUSD (6th May 2021)

As we yesterday correctly predicted breakout above 1800 USD and hitting target of 1805 USD, we would like to update our forecast. RSI and Stochastics remain bullish while MACD is neutral. Previous resistance at 1799.16 USD became new support for gold. We believe that gold has a chance to maintain its momentum and possibly hit our previously mentioned medium term price target of 1825 USD within few days. Thus, our new medium term price target is 1850 USD per ounce.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Comment:

Technical analysis update: XAUUSD (5th May 2021)

Trade closed: target reached:

Target of 1825 USD per ounce has been reached.