Gold is showing a rather weak structure on the H4 timeframe, with the price consistently being blocked below the descending trendline and unable to reclaim the 4,590 level. Recent rallies have been short-lived and quickly followed by selling pressure, indicating that buying power is currently insufficient to reverse the market trend.
Regarding news, pressure on gold continues to stem from high US yields and the anticipation of the May 20th FOMC minutes. Meanwhile, the temporary easing of geopolitical tensions has significantly slowed the flow of safe-haven funds into gold.
The area I'm focusing on right now is 4,590. If XAUUSD continues to be rejected around this area, it's highly likely the price will continue to fall to the 4,400 region in the short term.
In short, the current trend remains bearish. The preferred scenario is a weak rebound followed by further selling pressure.
Regarding news, pressure on gold continues to stem from high US yields and the anticipation of the May 20th FOMC minutes. Meanwhile, the temporary easing of geopolitical tensions has significantly slowed the flow of safe-haven funds into gold.
The area I'm focusing on right now is 4,590. If XAUUSD continues to be rejected around this area, it's highly likely the price will continue to fall to the 4,400 region in the short term.
In short, the current trend remains bearish. The preferred scenario is a weak rebound followed by further selling pressure.
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LEVEL UP YOUR TRADING
👉t.me/+NBWGUpNcAxsyYjRl
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
👉t.me/+NBWGUpNcAxsyYjRl
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Похожие публикации
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.