May was a tough month for Gold bulls, with the price dropping 1400 pips or so, from top to bottom, but more importantly, the price failed to keep 2k and important 1980 as supports and turning points.
This kind of price action raised a big question mark: Is Gold still bullish and a new ATH is still in the cards?
IMO, Gold is still on its way for a new ATH, but, considering a buy trade, there are pro and against arguments:
Pro:
1. The price is still above the trend line started with the 1620 low
2. At this moment we have 2 nice reverses from the 1940 zone
3. We are above 1955 and now an important zone
4. We are above daily 100 MA , which also provided support in the 1940 zone
Against:
1. We are under daily 50MA, so on shorter TF, bulls are now out of the woods yet
2. We are under 1980, which proved to be a strong ceiling
In conclusion, I'm still bullish, but very cautiously, and only if/after the price will get back above 1980 I will gain more confidence.
This kind of price action raised a big question mark: Is Gold still bullish and a new ATH is still in the cards?
IMO, Gold is still on its way for a new ATH, but, considering a buy trade, there are pro and against arguments:
Pro:
1. The price is still above the trend line started with the 1620 low
2. At this moment we have 2 nice reverses from the 1940 zone
3. We are above 1955 and now an important zone
4. We are above daily 100 MA , which also provided support in the 1940 zone
Against:
1. We are under daily 50MA, so on shorter TF, bulls are now out of the woods yet
2. We are under 1980, which proved to be a strong ceiling
In conclusion, I'm still bullish, but very cautiously, and only if/after the price will get back above 1980 I will gain more confidence.
Nota
NY Open update:Gold is still trading in a tight range and after testing again the 1955 support, rise and test resistance.
My oputlook remains slightly bellish, as explained, but we need to see at least a break above 1965 in hope for a rise to 1980
On the other hand, at this moment is price dive under 1955 this scenario is invalidated
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.