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Daily Market Analysis 24.05.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1859.92 with take profit at  1862.80
Bearish Preference: 
Sell position is envisaged if price trades below 1850.56 with take profit at 1847.86
Fundamentals:
No Major Fundamental

Comment: 
Gold prices are attempting to close a four-day advance with XAU/USD rallying alongside equities today. The recovery off downtrend support is now testing downtrend resistance- it’s make-or-break here near-term for the bulls. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.

Analysis: SCRUM Team

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