GOLD/USD Daily TA Cautiously Bullish

27 Mei 2022

GOLD/USD Daily cautiously bullish. *Equities are up and Gold is currently uppish/flat. If you believe that equities are seeing a bear market rally and new lows are in the near future, that very well may be catalyzed by another 50bp (at least) rate hike and the beginning of the treasury security rollover and mortgage backed security reinvestment come June 1st, then you have reason to be bullish on Gold. However, if you think market's have priced this in already and are prepared to surge higher in June, then you may want to reduce your short-medium term exposure to Gold.* Recommended ratio: 80% Gold, 20% Cash. Price is attempting to establish support at the 50 MA (~$1841) for a third consecutive session. Volume remains high (moderate) and is on track to break the two day streak of seller dominance if it can close today in the green (six of the past eight sessions will then have favored buyers). Parabolic SAR flips bearish at $1812, this margin is mildly bearish at the moment. RSI is currently trending up slightly at 46.16 and it's technically still testing 42.06 support. Stochastic remains bearish and is currently trending down at 80.32; it's still technically testing 88.41 support. MACD remains bullish and is currently trending up at -14.69, the next resistance is at -10.84. ADX is currently trending down at 19.92 as Price continues to want to go higher, this is mildly bullish at the moment but would need to form a trough together with more price appreciation to confirm bullishness. If Price is able to break out above $1867 minor resistance then it will likely retest the 50 MA at ~$1910 minor resistance. However, if Price is rejected here at $1867, it will likely retest the 200 MA at $1830 before potentially retesting the uptrend line from March 2020 at $1800. Mental Stop Loss: (one close below) $1831.