13.05.202408:41 Forex Analysis & Reviews: GOLD - technical analysis on May 13

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GOLD

Last week, the bulls made an attempt to restore positions. They managed to form a rebound on the weekly chart. As a result, the next goal is to confirm the rebound and develop its potential. If the bulls manage to succeed, they will eliminate the current daily dead cross (final level 2368), and gold will resume testing the psychological resistance at 2400. A successful breakthrough and once the price consolidates above this mark, the focus will be on testing the peak (2431) and restoring the uptrend. But if the price fails, returns to the consolidation zone, and moves towards the support of the weekly short-term trend (2288), this will give the bears the opportunity to neutralize all of the bulls' achievements. The loss of the weekly short term will lead to restoring the daily downtrend and a new phase of the bearish correction on the weekly and monthly timeframes. The next bearish targets will be the weekly levels (2236 - 2176) and the daily cloud.

H4 - H1

At the moment, the bulls have the main advantage on the lower timeframes. However, gold is trading within the area of the bearish correction, and further progress will lead to testing key support levels - the central Pivot level of the day (2333) and the weekly long-term trend (2325). The loss of these key levels will change the current balance of power in favor of fueling and strengthening the bearish sentiment. But for now, the bulls have the main advantage as long as gold remains above these key levels. The classical Pivot levels serve as additional intraday reference points. They are currently located at 2360 - 2373 - 2400 (resistances) and 2319 - 2292 - 2278 (supports). The data on the location of Pivot levels is updated daily, so with the market open, there will be an update on the values, which should be used for intraday trading on Monday.

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

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