Gold Forecast 05/07/2022
XAUUSD reached an intraday high of $ 1,814.41 and found buyers at $ 1,803.93. From a technical standpoint, the metal is neutral to bearish on the daily chart, trading well below a bearish SMA of 20, which is currently converging with a descending trend line at $ 1,831.70. The Momentum indicator is flat around its midline, while the RSI indicator consolidates around 39, favoring the downside.
The 4-hour chart shows that gold is unable to advance beyond a bearish SMA of 20, which continues to provide dynamic resistance around $ 1,809.90. Meanwhile, technical indicators remain aimlessly on negative levels, favoring another step to the south without confirmation.
Support Levels: 1,803.90 1,789.50 1,775.60
Resistance levels: 1,810.00 1,819.70 1,831.70
The 4-hour chart shows that gold is unable to advance beyond a bearish SMA of 20, which continues to provide dynamic resistance around $ 1,809.90. Meanwhile, technical indicators remain aimlessly on negative levels, favoring another step to the south without confirmation.
Support Levels: 1,803.90 1,789.50 1,775.60
Resistance levels: 1,810.00 1,819.70 1,831.70
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