Today there is only notable news of the GBP in the US session. Wishing everyone a new week full of energy and successful transactions.
Gold comment on May 24, 2021:
‼️Ending the last trading week, precious metal Gold had another gaining week from 1840 to 1890 ($50) to close the weekly candle with a strong upward force. With the precious metal Gold closing with a strong increase, the possibility that at the beginning of this week's trading session, the precious metal Gold will continue to be promoted and go up.
- On the D1 daily chart time frame we can see that after 1 day of slight downtrend, the last 2 days of the week the uptrend continued with the latter peak being higher than the previous one, so the short term resistance area Gold is facing 1889-1890 will be difficult to hold in the next trading sessions.
- Switching to a shorter time frame, H4, after testing the 1889 price area again, the precious metal Gold had a slight correction but the drop was not too strong and stopped around the support level of 1865- 1870. This is also the nearest support price zone where in my opinion we can establish a buy status with Gold in today's trading session. The target will be the "old top" 1890 and expect Gold to break through and go up to the 1900-1902 price zone.
Forex/Currency
According to technical analysis, the USD currency this week will continue to weaken against other currencies, so this week should only buy XXXUSD and sell USDXXX. Specific analysis on each currency pair will be updated later.
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