XAU/USD Weekly analysis 12-May-2024

The price started to decrease when it hit the dynamic resistance
Currently, it is deciding on the resistance of 2365.53 to continue the trend
I expect the price to drop to at least 2332
And if 2311 breaks, I expect price to drop to 2293 and then after a correction, further down to 2268

Otherwise, after the pullback, the price will increase up to 2395 (which I think is a weaker possibility).

Monthly time frame: (in the middle of the month)
- Bullish candle after shooting star
- MACD; Exaggeration and tendency to decrease
- RSI; Above 80
- Stoch RSI; Above 80 and divergence

Weekly time frame:
- Strong bullish candlestick, with upper shadow
- MACD; Tendency to decrease
- RSI; Above 70
- Stoch RSI; Tendency to decrease

Daily time frame:
- After the price decline and hit the MA20, it was on that range for a while and then it went back up
- After some range, a strong bullish candlestick and then a weak bullish candlestick with a long shadow above
- MACD; It shows a tendency to decrease
- RSI; Divergence and tendency to decrease
- Stoch RSI; Close to 70 and tend to decrease

4H time frame:
- After the Shooting star and Hanging Man candles, a strong bearish candle with an upper shadow
- RSI; Above 70 and tend to decrease
- Stoch RSI; Above 80 and tending to decrease

1H time frame:
- All signs and indicators tend to decrease

*** Be prosperous

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Trade active

Comment:

The target was touched
(and close to the middle line)
I am waiting for confirmation for the direction of the process

Trade closed: target reached