Traders, Gold has been falling for weeks now as expected and last week it took a little break. This came as DXY (dollar) took a pause from its own parabolic move. Although Dollar and Gold are not that correlated as they used to be, but this correlation still works at times. You can refer to our latest DXY analysis which you can find on our social media channels.
As DXY took a break after reaching a target, all USD based assets including gold started to take a minor correction. If you look at the week time frame of Gold we had 1 week of bullishness (last week) after several weeks of bearishness. Gold hence is still bearish but there are few levels which can reach if in the coming days it starts to move up before falling down again to resume bearish momentum.
Presenting Gold Analysis & Forecast Updates. In this XAUUSD Technical Analysis For May 22, 2022 we will study both bullish and bearish scenarios and few important levels which can lead us to great trade and investment opportunities.
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