💡 XAUUSD: Analysis May 16

Gold increased with bar D1 having a wider range than some recent price bars yesterday, showing good buying pressure during the day. The price was pushed out of the previous Inside bar model, creating upward price momentum. But now the price is approaching the resistance confluence + round number 2,400 so it may level off. D1 Gold chart structure is cumulative sideways in an overall uptrend.

The upward trend in price continued in H1 when the price created a new peak after yesterday's upward push. However, because D1 has approached the resistance confluence, it may stall at this time. The main trend for H1 Gold today is to wait to buy from the supports below, to catch price pullbacks, not to chase above.

💡H1 trend: Gold increases.
Today trading idea: Buy Gold.

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The price of gold increased sharply just before and this morning, breaking the resistance level of 2375 and invalidating the previous bearish signal. Buying positions have been activated, the upward momentum is very good, the price will likely continue to go up. up, the short-term target for long positions is around the all-time high at 2440. You should consider holding buy positions

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Recently, the Fed's monetary policy stance has had a significant impact on the direction of gold. However, precious metals analyst Bernard Dahdah of Natixis said that US monetary policy is becoming a secondary factor as the market witnesses strong buying power from Asia. In particular, the People's Bank of China's demand for gold is forecast to continue in the near future.

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HIT ENTRY BUY. TP1 +60pips !!!

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