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Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

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Trading plan for Gold on May 18, 2022
08:56 2022-05-18 UTC--4
Exchange Rates analysis

Technical outlook:

Gold prices raised through the $1,836 high on Wednesday, having carved a meaningful boundary between $1,786 and $1,836. In the process, bulls took out initial resistance of around $1,828 and asserted themselves. The yellow metal has been pulling back since then and has dropped through the $1,807 intraday lows on Thursday.

Gold prices are expected to be well supported at around $1,805 since it is the Fibonacci 0.618 retracement of the above upswing as marked here. Prices just remained shy by two points ($1,807) before pulling off through $1,812 (the current market price). A high probability remains for a continued rally through $1,857 and $1,900 going forward.

Gold has carved a larger degree downswing between $1,998 and $1,786 from which it is retracing now. The projected targets for the corrective rally are $1,860 and $1,920. Also, note that $1,920 is close to the Fibonacci 0.618 retracement of the above drop. Hence, there is a high probability for bears to come back in control thereafter.

Trading plan:

Potential rally towards $1,860 and $1,920 against $1,780

Good luck!

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