empty
 
 
19.05.2022 01:15 PM
Trading plan for Gold on May 19, 2022

This image is no longer relevant

Technical outlook:

Gold prices climbed above $1,830 during the European session on Thursday in line with expectations. The yellow metal might have carved a higher low around the $1,807 mark on Wednesday and it is now on its way to $1,846 and $1,857 in the near term. Bulls will remain poised to hold prices above the $1,786 low to keep the structure intact.

Gold has recently carved a lower degree upswing between $1,786 and $1,836 which was retraced until $1,807 on Wednesday. If the above structure holds well, prices would rally through $1,857 at least before pulling back. Alternatively, the correction might not be completed yet and there might be one more low to be printed around the $1,800-05 mark before resuming higher again.

Gold prices are set to push higher either from here or after dropping through $1,805 in the coming days. Projected upside targets are $1,865 and the $1,915-20 levels in next few trading sessions. Also, note that the Fibonacci 0.618 retracement is passing through $1,920, hence the probability for a bearish reversal remains high.

Trading plan:

Potential rally through $1,865 and $1,920 against $1,780

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback