Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Refinitiv
May 21 - 07:55 AM

Gold - Flips From One Extreme To Another But Trend Your Friend

By Jeremy Boulton  —  May 21 - 05:35 AM
  • Gold rallied after becoming oversold in late April, early may

  • Rise from $2277.19 to $2449.89 record high resulted

  • Rally then became overbought with gold dipping to $2406.10

  • Corrections may be small, toward $2384 - 38.2% Apr-May rise - $173/oz

  • Gold is in a steep uptrend with consolidations unfolding at elevated levels

  • Demand has outstripped supply and trends are specs' friends

  • Record high was 38.2% fibo target drawn from Feb low

  • Next targets $2500, $2553, $2724 and $3000 may be achieved this year

  • Gold could benefit from a period of risk aversion nL1N3HO0HV

Source:
Refinitiv IFR Research/Market Commentary

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2024 eFXdata · All Rights Reserved
!