Gold Trader Update

Monday May 17th, 2021

XAUUSD 2$ Box Chart From

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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.

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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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