TradeVinder

XAUUSD ANALYSIS 20 MAY 2022 ( FRIDAY )

XAUUSD ANALYSIS 20 MAY 2022 ( FRIDAY )

xauusd analysis 20 may

XAUUSD (GOLD)  yesterday. is showing strength and bounce back from its support level . The upside breakout and the subsequent daily closing. above the 200-DMA reinforced the bullish interests. Although it remains to be seen if bulls can retain control, as the 14-day Relative Strength Index (RSI) continues to inch lower below the midline.  Further south, the $1,810-$1,808 demand area will then come into play, below which the trend line resistance now support at $1,798 will be probed. Alternatively, five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the bearish 21-DMA at $1,862. All in all, gold price is likely to keep its choppy trend intact around the 200-DMA heading into the weekly closing. If it closed above $1850 then good upside move till the next level of $1870 and $1880.