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17.05.202213:29 Forex Analysis & Reviews: Technical review for XAU/USD: price may undergo a local increase

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Gold has always been sensitive to the momentum of dollar and demand for risky assets. As such, it is likely that it will see a limited increase ahead of Christine Lagarde and Jerome Powell's speech, as well as amid a closing of many short positions.

technical picture:

The quote is currently above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The moving averages have crossed and are giving a signal to buy, while the relative strength index (RSI) is below 50% and is moving horizontally. The stochastic indicator is in the oversold zone.

Possible dynamics:

An increase above 1828.45 is likely to lead to a further jump to 1858.30.

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