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    Baxia Markets
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    May 17, 2022

    Gold reaches the lowest level since Jan 2022

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    The precious metal started an aggressive downtrend on April 19th,  the pair has lost almost 8% so far, but the price of the commodity could reach new lows for the year. The general trend is downwards, the short and long-term moving average has been left behind, and the gap between the lines is increasing.

     

    The Bollinger bands are wide, and volatility should continue to be high in the short term, the lower band continues expanding, suggesting that the price is likely to continue moving downwards. The lower band could act as a support level in future sessions.

     

     

    Gold May 16th 2022

     

    The relative strength index is at 34% which is close to the oversold status; once it gets closer to, or below 30%, we could see a small recovery as investors might see this as a trading opportunity to buy the commodity at a low price. Our parabolic SAR indicator suggests that the price will continue to fall in the short term.

     

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