💡 GOLD: Analysis May 7
After being rejected at the 2280 support zone, the price recovered quite strongly in the past session, breaking the triangle pattern and testing the 2320 resistance level. However, this move has not significantly changed the situation. form where the higher peak has not yet been established. Still keeping the old comment, we temporarily divide it into two cases:
- Firstly, if the price breaks below 2280, the price may follow the previously formed double top reversal pattern, towards the 2200 mark, at which point you can consider adding short positions outside of existing sell order;
- Second, if the price breaks above the triangle pattern, which confirms the possibility of returning to the uptrend, we need to close existing short positions, paying attention to the 2360 level, buyers can return to the market. market if this resistance level is broken.
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Lukman Otunuga, Director of Market Analysis at FXTM, said that the gold market is expecting the Fed to cut interest rates as soon as September.
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