💡 XAUUSD: Analysis May 20

The short-term uptrend of Gold H1 has continued with the most recent strong price push up. The price behavior following the upper border to go up and establish a new high price peak reflects good price momentum. But currently H1 Gold has created a price bar completely outside the upper border, reflecting an overbought state that easily leads to a price pullback rather than continuing the upward price trend. The main trend of Gold H1 today is to wait to buy, but wait for the pullbacks to go down and then buy, not to chase above.

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

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Market strategist Colin Cieszynski of SIA Wealth Management is among the experts who are bullish on gold in the short term. According to him, both the USD and yields appear to be in a downtrend and that should provide support for the precious metal. Besides, gold overcoming the resistance level of 2,400 USD/ounce will be the premise for this precious metal to reach 2,500 USD/ounce.

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