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14.05.202116:12 Forex Analysis & Reviews: Short-term technical analysis on Gold.

Gold price is climbing higher after the pull back towards $1,800. Price back tested the support around $1,800 as expected and is now continuing its upward move. Trend remains bullish as we said many times as long as price is inside the upward sloping channel.

Exchange Rates 14.05.2021 analysis

Green lines - medium-term bearish channel

Blue lines - short-term bullish channel

Gold price continues to trade inside the upward sloping blue lines forming the short-term bullish channel. Trend remains bullish. Support is at the recent low of $1,808. Channel support is found at $1,795. As long as price holds this lower boundary, trend will remain bullish. The RSI has not still reached overbought levels and there is no warning from a bearish divergence. There is no sign of reversal or imminent trend change. Gold is heading towards $1,860-$1,870.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Alexandros Yfantis,
Analitickog eksperta
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