May 07 Gold (XAUUSD) Weekend Analysis

Gold prices showed the peak value of the 2nd 100% bullish attack of the price rise band, which started from the 1814 band, by testing the 2070 levels with the opening last week.

Gold, which was trying to break the 2070 levels again with Bullish attacks, which was close to horizontal for the week, could not find enough momentum, so it entered the weekly close with the price range of 2010, which is 50% of the rise with the 1996 pin value.

Daily closings above the 2010 price level are extremely important.

For now, even though the M30, H1, H4 hourly MA indicators are supporting the bullish leg of the price action. Note that the M15 indicators supported the bearish leg before the close last Friday.

Importantly, the 1996 price should also be followed on 5-minute charts. if the 1996 level 5 minute charts will also close three times in a row downwards.

Finally, at the next M15 timeframe bar, 2 times low close confirms to us that Bullish support is over.

For Bearish trend price movement, we can 100% see that the next main target will be the 1945 level.

For possible moves on the Bullish side, it is essential that daily closes be above 2010 levels this week. Then we can give the targets as 2030 – 2047 – 2080.

If we can see the continuation of bullish movement with daily closes above 2080. The next main target price range will be at 2150.

Is  the gold always gold?

For physical gold investors, as we can see when we examine the super cycle trends in the last 10 years, we see that the bull trend, which started with the price of 1080 ounces/$, passed the $1350, $1700, $1800 levels in a healthy way. Considering that the super-strong support at $1650 is working for staggered buys.

For additional investments, we foresee that $1800, $1900 levels may be possible. For now, keep watching the bull players trying to protect the $2000 threshold, trying to meet the bear attacks.

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