After the breakthrough, #GOLD is ready to be pumped!

31 במאי 2023#XAUUSD UPDATE

GOLD make this descending channel at hourly time frame.
The local trend and correction may be stopped by a breach of the descending channel resistance, and the price may then begin an active strengthening move towards the level 1984, 2000, and 2025.

Significant backing: 1950, 1940, MA-50
MA-200, 1960, and trend resistance are significant obstacles.

Given that the dollar is struggling and that gold is still a solid hedging tool, I believe that gold will be able to overcome the trend resistance in the medium term and resume its upward trend.

This piece is not intended to be financial advice. Before making an investing choice, always do your own research and speak with a qualified advisor.

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2 ביוני 2023

הערה

This local opposition to gold was met by local support that is also at 1970 levels.
I'm still anticipating a bounce up to the 20000 level resistance, but first we'll rest this local support from 1970.