GOLD outlook 17 May - 21 May 2021

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold finished strong on Weekly & Daily charts last week.

We are still in a bullish ascending channel .

Last weekend's outlook highlighted levels for buy entries at 1816, 1806 & 1798. The price dropped to 1809 area and reversed. Unfortunately, our buy order didn’t trigger however
You can see the levels were respected. We also projected that the price could reach 1850 area, we are now close to this price. (Please check out previous weeks analysis)

What can we expect this week?

1850-60 Zone is most likely to be tapped this week. If the momentum is strong we are looking at 1875 and 1888.

We are currently inside a previous consolidation zone of 1825-1875

So in summary levels above are 1850-60 & 1875-1888.

Seasonality suggested that Gold is positive until 14th May and a decline is expected from 14th - 27th May( check last week's analysis) we have seen Gold push up according to seasonality . We are now in the period where we can expect a retracement.

Therefore first we need to observe how the price behaves within the consolidation zone. We could remain within this range for the coming week. Break below 1825 will open up 1800.

Lets us know what you think and please hit the like button and leave a comment.


wrong analysis
+1 Reply
Awesome analysis as always 👍
@TheLoneTrader65, Thanks!!
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