. Gold Analysis: Weekly Chart And In-Depth Gold Market Analysis

Gold Analysis: Weekly Chart And In-Depth Gold Market Analysis

18 May 2023

GOLD TECHNICAL ANALYSIS: WEEKLY CHART 

In the weekly chart, gold is trading in up channel.

Gold is currently trading above 20&50 SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.

Its immediate support is at 1973.65 & the resistance is at 1999.65

In an upward trend, gold was trading. Gold is attempting a retracement in the weekly chart after making a significant move, and it is currently trading at a crucial support level. If this level of support is breached, gold would likely decline.  

GOLD ANALYSIS: DAILY CHART

In the daily chart, gold is trading in down channel.

Gold is currently trading below all SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.

Its immediate support is at 1973.24 & the resistance is at 1985.46

Gold is currently trading in a down channel and at a key support level; if it breaches this level, gold may decline.

TRADE SUGGESTION: – SELL AT 1973.24, TAKE PROFIT AT 1956.44, SL AT, 1985.46