Why it's not the time for gold

Why it's not the time for gold

2021-05-27 • Updated

Gold H4 chart

Picture7.png

Gold Daily chart

Picture8.png

Gold managed to break above $1900/Oz during yesterday’s trading reaching as high as $1913/Oz. However, it failed to sustain these gains and declined back at the end of the US session, closing the day below the $1900 handle. The technical indicators are heavily overbought, which suggests a possible downside retracement in the coming hours/days. Therefore, do not chase the current rally with long positions at the current level. Instead, I would wait for a couple of days, as the downside retracement might continue toward $1850/Oz which could be seen next week. Yet, we will maintain our medium-term long positions issued back in April at $1710 and $1725 until further notice.

S3 S2 S1 Pivot R1 R2 R3

1856.11

1878.09

1887.38

1900.07

1909.36

1922.05

1944.03

Similar

Best Stocks to Trade This Earnings Season
Best Stocks to Trade This Earnings Season

There is a period every stock trader loves the most due to significant movements, increased volatility, and, possibly, big gains. Open your trading apps and be ready to act! Earnings season comes four times a year and we crave to share our expectations with you.

Trade ideas for March 28 - April 1
Trade ideas for March 28 - April 1

Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!

Omicron Threatens the Markets, but...
Omicron Threatens the Markets, but...

How will the new variant affect the markets and the economy? What is its relationship to inflation and interest rate hikes, and how will it affect those things?

Latest news

Walmart earnings outlook
Walmart earnings outlook

Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?

What to trade on May 16-20?
What to trade on May 16-20?

Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera