empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

07.05.202109:06 Forex Analysis & Reviews: Gold Reached Major Target!

Gold is trading at 1,818 level below 1,822 today's high. The yellow metal has rallied in the short term after invalidating a potential drop. The price was boosted also by the USD's decline.

The price has reached an important upside target after escaping from a continuation pattern. Yesterday's rally was somehow expected after registering only false breakdowns below the immediate support levels. It has increased more than 1.5% in the last trading session confirming strong buyers in the short term.

XAU/USD At Confluence Area!

Exchange Rates 07.05.2021 analysis

Gold has finally managed to take out the 1,800 static resistance, psychological level, and now is challenging the ascending pitchfork's median line (ml) and the descending pitchfork's upper median line.

It remains to see how it will react after the US NFP, Unemployment Rate, and Average Hourly Earnings data. The volatility will be higher during the US session, so you should be careful.

Forecast!

A minor drop from the confluence area formed at the intersection between the median line (ml) and the upper median line (UML) could help the buyers to catch a new upside momentum.

Gold could decrease to retest the R2 (1,806) or the 1,800 before resuming its upwards movement.

Though, USDX's further decline in the coming hours could force XAU/USD to resume its growth without registering a temporary decline. A valid breakout through the confluence area, above R3 (1,823) should signal more gains.

The ascending pitchfork's upper median line (uml) is seen as a major upside target if the yellow metal resumes its growth.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.