Gold Analysis May 5th 2021

http://www.eightdragonscapital.com

Gold failed again to take out 1800.00 yesterday, and has since fallen back to support at 1772.00/1770.00

Buyers remain active on dips this morning and have take Gold up to test pivotal resistance at 1784.00.

If the bulls can break here it will open up a run to 1790.00/1792.00, and even a chance of 1798.00/1800.00

However, should the market be unable to trade higher above 1784.00, the focus will quickly return to the downside, with support as I mentioned now at 1770.00, where a break down here targets 1764.00 and possibly 1758.00 in extension.

Charts provided by http://www.eightdragonscapital.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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