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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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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