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Gold Heads for Bearish Correction – Brace for Buy!

XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1849.70, 1852.15, 1855.60

Key Support Levels: 1843.80, 1840.35, 1837.90

Daily Chart:

Gold is trading with a slightly bearish bias at 1,848 level, having formed Doji and shooting start candles right below an immediate resistance area of 1,855. Closing of candles below this level is likely to drive the selling trend until the next support area of 1,843. This level worked as triple top resistance in past, and now it’s likely to extend support to the precious metal gold.

XAU/USD Medium-Term Trend: Bullish

4-hour Chart:

The precious metal gold is likely to close a tweezers bottom pattern on the hourly timeframe, this may offer us a buying trade. Either you can enter a buy position at 1,846 right now or place a buy limit pending at 1,844 level.

Signal Idea:

Buy Limit Order @ 1,844

TP 1 @1,855

TP 2 @ 1,864

Stop Loss @ 1,838

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

2 comments

  1. Thanks for the signal. I look at it at 11:30pm, May 17th. The gold/USD is 1866.67 by my broker. It seems your gold must be different to my gold. But the difference of 3 digital places is still readable. Anyway the signal is already outdated. What time is it usually issued?
    Thanks for enlighting my modest person ;-).
    Chris

    • Hi Chris,

      Taking your feedback into consideration, we have started posting charts with time and date. You can decide to enter the market if prices are not too far from our entry price.

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