XAU/USD | 4800 is not that far off now!

May 8

After reaching the Demand Zone on Monday, Gold has been on a Bullish run as you can see in the 4H chart of it. It went as high as 4764 and swept liquidity above the 4754 level, and then correction happened, currently being traded at 4720.

As long as Gold stays above the 4710 level, bullish structure remains intact. I expect Gold to retest the April 13th NWOG High and then go towards the April 20th NWOG at 4774. A strong break above this level could send Gold towards 4800! At the moment with the news of possibility over the war being announced finished and the strait of Hormuz reopening, Gold is moving upwards based on them.

However if Gold fails at retesting the NWOG at 4749, it could drop back to the 4710 level, I don't expect it to go below this level but if certain news come out, it could draw Gold to lower prices again.

May 11

Trade active

As you can see, Gold opened today with a massive almost 280 pips gap at 4687 and then dropped further below to the 4648 but then it bounced back up, currently being traded at 4698, struggling to break above the 4700 resistance level.

Now, I expect Gold to break above the 4700 level and then go towards 4710 level, if it reaches there and stabilizes, further rise to the 4749 is expected. A strong break above the 4750 level could easily send Gold towards 4800 level.

However, if Gold fails at retesting and breaking above the 4700 level, it can drop all the way to 4666 level, and if the support there is lost, it'll drop all the way towards the 4600 level.