. Gold Analysis: Weekly Upside Potential - 17 May 2023

Gold Analysis: Weekly Upside Potential

17 May 2023

GOLD: WEEKLY SCENARIO

GOLD Technical Analysis: Weekly Chart

weekly chart analysis

In the weekly charts, Gold is trading in an up channel. Gold is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 1950.00 the resistance level is at 2100.00

Gold will trade in an up channel until there is a trend reversal.

GOLD Technical Analysis: Daily Chart

weekly chart analysis

In the daily charts, Gold is trading in an up channel. Gold is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 1950.00 the resistance level is at 2050.00

Gold will trade in an up channel until there is a trend reversal.  

How to Trade GOLD this Week:

Gold will follow the Uptrend until its trend reversal. So, remain bullish on GOLD

TRADE SUGGESTION- BUY AT 1960.51, TAKE PROFIT AT 2060.00, AND STOP LOSS AT 1900.00