Mon, May 16, 2022 @ 17:56 GMT
HomeContributorsTechnical AnalysisXAU/USD Looks to Break Out

XAU/USD Looks to Break Out

Gold edged higher as the US dollar softened across the board.

The precious metal has met stiff selling pressure in the supply zone around 1830. This level used to support from last November’s sell-off.

The recovery above the psychological level of 1800 shows the bulls’ commitment to keeping the price afloat. A break above the supply zone would force the sell-side to cover and trigger an extended rally towards the previous peak at 1870.

On the downside, 1800 has turned into fresh support.

 

Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading