Baxia Markets
May 24, 2022

Gold is on a 4-day winning streak

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The precious metal managed to gain almost 3% during that time after hitting its lowest level since the end of January. The pair broke the resistance level from our 23.6% Fibonacci retracement at $1,836 and then made a breakout attempt at $1,867 in our 38.2% Retracement but failed. 


The price currently trades close to the short-term moving average. The pair is likely to make another breakout attempt at $1,867 in the short term. The Bollinger bands are wide enough to expect high volatility in the upcoming sessions, and the price trades at a relatively fair level.


Gold May 23rd 2022


Our relative strength index is at 45%, allowing the pair to continue the recently starting uptrend before it's considered oversold. Our parabolic SAR indicator suggests that the price is expected to continue moving upwards.


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precious metals, commodities, trading conditions, technical analysis, trading indicator

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