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Gold | XAUUSD Holding Support Despite Firm USD

Published: 25.05.2023
by Joseph Jeffriess

Today’s focus: Gold

Pattern – Support point hold.

Possible targets – Downside 1944  Upside 1987

Support – 1955.80

Resistance – 1982.80

Hi traders, today our focus shifts towards gold, as its price maintains its position above the support level established last week. While the USD has been consistently strengthening, gold exhibits resilience by staying firm above the support mark of 1955.80, at least for the time being. The price sits in between the 38.2 and 50 fib points. While the price holds above this support level, we will continue looking at a possible continuation building, but more price action is required to confirm buyer strength.

On the short-term price sits in a short-term downtrend with an LH yesterday. A break of support could set off a new move back to the 50 fib point and set up a trendline test.

If buyers can maintain today’s momentum and break resistance, could this be the first sign of a new continuation setting up? We would like to see a new higher low to confirm.

Overall the long-term trend remains up, and we want to stay in that direction until the picture changes. The key is a hold of short-term support over today and tomorrow’s sessions.

Gold Daily Chart

Thanks for stopping by. Good trading, and have a great day.

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