Gold market commentary (XAUUSD) week 17/4-21/4/2023
Gold prices turned lower and fell to 
1,992, hitting a three-day low. In the recovery, climbs back above 
2,000 on a volatile Friday amid a resurgence in the US Dollar.
From a technical perspective, nothing seems to change for gold prices and the short-term bias remains in favor of bullish traders. Therefore, some further strength back to retest all-time highs, around the2,070-2,075 area, looks like a distinct possibility. On the other hand, any meaningful pullback could find good support near the 2,020 area ahead of the 2,014-2,013 area. However, the drop is likely to attract new buyers near the psychological 2,000 mark, which should help limit losses for XAU/USD near the 1,990 - 1,980 horizontal support.
Support level: 1990 - 1888 - 1880
Resistance: 2026 - 2034 - 2040
Trading recommendation:
SELL 2027 - 2028
Stop Loss : 2031
Take profit 1: 2020
Take profit 2: 2015
Take profit 3: 2010
BUY 1991-1994
Stop Loss : 1989
Take profit1 : 2000
Take Profit 2: 2005
Take profit 3: 2010
Note: Always install Stoploss and Takeprofit to ensure safety in trading
1,992, hitting a three-day low. In the recovery, climbs back above 2,000 on a volatile Friday amid a resurgence in the US Dollar.From a technical perspective, nothing seems to change for gold prices and the short-term bias remains in favor of bullish traders. Therefore, some further strength back to retest all-time highs, around the
2,070-2,075 area, looks like a distinct possibility. On the other hand, any meaningful pullback could find good support near the 2,020 area ahead of the 2,014-2,013 area. However, the drop is likely to attract new buyers near the psychological 2,000 mark, which should help limit losses for XAU/USD near the 1,990 - 1,980 horizontal support.Support level: 1990 - 1888 - 1880
Resistance: 2026 - 2034 - 2040
Trading recommendation:
SELL 2027 - 2028
Stop Loss : 2031
Take profit 1: 2020
Take profit 2: 2015
Take profit 3: 2010
BUY 1991-1994
Stop Loss : 1989
Take profit1 : 2000
Take Profit 2: 2005
Take profit 3: 2010
Note: Always install Stoploss and Takeprofit to ensure safety in trading
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.