Why it's not the time for gold

Why it's not the time for gold

2021-05-27 • Updated

Gold H4 chart

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Gold Daily chart

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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

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