Monday May 17th, 2021
Gold is being bid up this morning to hit Resistance around 1852/1854. This followed the strong weekly close last Friday in New York on USD weakness. Its probably getting some support this morning as a safe haven, with Covid cases are on the rise again in a number of Asian economies.
Some intra day support will be found at 1844, which was last weeks high resistance broken this morning.
Stronger support can be found in the 1838/1840 area which needs to hold to allow Gold to continue to trade in its up-trend, looking to break 1854 to target first 1866 and then 1872.
However a break below support in the 1838/1840 area would see a drop to 1828 and possibly 1822 and more range bound consolidation.
Analysis and Charts provided by http://www.eightdragonscapital.com
Get http://www.eightdragonscapital.com for FREE contact email@example.com