XAUUSD

Gold has been bullish lately. For the past weeks, we’ve seen the gold break past its resistance as gold buyers push the market up to its new 2021 higher high. The precious metal has been bearish for the past 8 months but now takes the lead in gains for metals. In the attached charts. We can see how level 1765.59 acted as a major support level. We saw price fail to break past this on many occasions . Today the metal trades above $1834/ounce closer to it previous high $1842. See previous analysis of the metal . https://fxsits.com/the-xauusd-trades-within/

Gold H4 CHART 10 May 2021
XAUUAD H4 CHART 10 May 2021

The $1817 Price level currently acts as our our support level at the moment. If price retraces back bearish and break pass this support level then the next support level that will be exposed. This will be at $1801.25 level . However if price moves bullish. And manages to break past the resistance level 1842.70 then the next target level will be $1855 where price may find Resistance.

We at FXsits still hold a strong bullish belief for the price action of the metal. In the long run this could be a resumed bullish trend as gold buyers push the market up. the metal has been down 12% since the start of the 2021 year till date. Attached are charts for proper reading and understanding.

Gold Daily CHART 10 May 2021
XAUSD H4 chart 21 may 2020

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