Gold’s Technical Outlook for Short and Medium Term
Burc Oran
May 19, 2021
XAUUSD Daily Chart
XAUUSD Daily Chart

Gold broke the medium-term downtrend and testing the key 1876 level which is both mid-level of the fall from the August 2021 top and the upper line of the bullish, short-term trend channel. This resistance level is powerful and may cause some correction in the coming days but gold’s general outlook for the medium-term is changing for the better as breaking of the trend and key moving averages. 144 and 233. As long as gold stays above these moving averages, possible down moves can be buying opportunities for the precious metal. Above 1876, the next target is 1920 which is both Fibonacci %61,8 and long-term resistance level dating back to 2011.

Tags
Share

Stay informed with market news by subscribing to our reading list.

FTD Articles is a website prepared by FTD Limited's research team. FTD Limited is an online brokerage company offering products of Forex, Spot Metals and CFDs.
The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.