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13.05.202215:07 Forex Analysis & Reviews: Gold challenges major support

Gold price has reached our second target of $1,825 and is now trading around $1,810. Trend remains bearish. Price is trading slightly below the major weekly trend line support. Bulls need to step in and push price higher. If price bounces from current levels, then we have confirmation that this is a support area. Also using the Ichimoku cloud indicator we get similar conclusions.

Exchange Rates 13.05.2022 analysis

In Ichimoku cloud terms, Gold price is challenging the weekly Kumo (cloud). Trend is bearish in the short-term but price has now reached important cloud support. Will price respect the cloud support? We are currently at a price level where a bounce is justified. Traders need to be cautious.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Alexandros Yfantis,
Analytical expert of InstaForex
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