23 May XAUUSD Technical Forecast: Has Gold rally begun?


Gold prices rose on Wednesday amid a steady dollar and uncertainty over the outcome of U.S.-China trade talks. Moreover, the question on investors lips is; has Gold rally begun? Stay ahead of the gold market trading with the 23 May XAUUSD Technical Forecast.

23 May, GKFX – Currently, gold (XAU/USD) is flatlined around $1,292, having clocked a high of $1,296 earlier today. The safe-haven metal continues to have a hard time building upside momentum despite multiple long-tailed daily candles and a bullish price-relative strength index (RSI) divergence in the 4-hour chart.

Risk aversion in the equities is not helping the yellow metal

Further, the risk-off tone in the Asian equities, emerging market currency crisis and renewed trade tensions/North Korea issue has also failed to put a bid under the yellow metal.

That said, the probability of a corrective rally to $1,302 – double top neckline resistance (former support) remains high as long as prices remain above Monday’s long-tailed doji candle low of $1,282.

23 May XAUUSD Technical Forecast

Key support: $1,182 (Monday’s low), $1,277 (100-week MA), $1,267 (76.4% Fib R of Dec-Jan rally). 

Key resistance: $1,297 (50-week MA), $1,302 (double top neckline + 10-day MA), $1,308 (10-week MA).

Disclaimer

This article 23 May XAUUSD Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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