Thu, May 26, 2022 @ 18:33 GMT
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Gold breaks 1850, eyes on 1.2177 temporary top in EUR/USD

Just within an hour from our last update, Gold resumes the rebound from 1764.31 and break through 1850.50 handle. 55 day EMA (now at 1870.90). Sustained trading above there should seal the case that correction from 2075.18 has completed with three waves down to 1764.31. Further rise should then be seen back to 1965.50 resistance next. Break of 1821.96 support will mix up the outlook again though.

As the rise Gold is seen as an indicator of Dollar weakness, focus will also turn to Dollar pairs for confirmation. USD/CHF takes the lead by breaking 0.8885 temporary low. It’s EUR/USD’s turn to prove if it can break through 1.2177 temporary top too.

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