Gold comment on May 24, 2021:
Ending the last trading week, precious metal Gold had another gaining week from 1840 to 1890 ($50) to close the weekly candle with a strong upward force. With the precious metal Gold closing with a strong increase, the possibility that at the beginning of this week's trading session, the precious metal Gold will continue to be promoted and go up.
- On the D1 daily chart time frame we can see that after 1 day of a slight downtrend, the last 2 days of the week the uptrend continued with the latter peak being higher than the previous one, so the short term resistance area Gold is facing 1889-1890 will be difficult to hold in the next trading sessions.
- Switching to a shorter time frame, H4, after testing the 1889 price area again, the precious metal Gold had a slight correction but the drop was not too strong and stopped around the support level of 1865- 1870.
This is also the nearest support price zonae where in my opinion we can establish a buy status with Gold in today's trading session. The target will be the "old top" 1890 and expect Gold to break through and go up to the 1900-1902 price zone.