Gold price decreases temporarily or long term
đź’ĄGold prices extended their decline on Wednesday. The yellow metal's potential for further upside may be limited as the FOMC minutes are understood to be significantly more hawkish than previous releases.
đź’ĄThe future direction of gold may depend on the results of the FOMC Minutes. Technical indicators in the daily chart suggest an extension of the ongoing correction, as indicators retreat sharply from indexes near overbought levels, maintaining a solid bearish slope at positive levels. pole. The potential downside target and key support zone is around $2,338, where the pair has its lowest level in the last three weeks. Meanwhile, the EMA 34 and EMA 89 are showing a downward slope in the h2 time frame, and the price is trading below the two EMA lines, showing that the downtrend will last at least until next week.
đź’ĄPLAN trading May 23
Support: 2352 - 2337 - 2321
Resistance: 2383 - 2400 - 2413
SELL price range 2380 - 2382 stop 2385
BUY price range 2338 - 2336 stop 2333
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