Gold's Next Bull Leg In Progress

Bull Gateway: 1852
Gold spot has created three consecutive positive bars in the last 25 trading sessions (36 days) for the first time. And it's above 200 MA. That's a good sign for buyers! If gold breaks the parallel channel, my upside targets are 1866 - 1882 - 1906 - 1920.

But, it hasn't broken the parallel channel in the last trading session. It's at the resistance line of it. And XAUUSD is quite far to the bull gateway level. So, wait and watch is an option for bull traders.

Gold's downtrend will start from the 1832 level. If it fails to break the parallel channel, then go for the following levels blindly: 1826 - 1812 - 1800

Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas.

Tuesday, May 24, 2022
04:30 FOMC Member George Speaks - Low Impact
19:30 New Home Sales (Apr) - Medium Impact

Wednesday, May 25, 2022
18:00 Core Durable Goods Orders (MoM) (Apr) - Medium Impact
20:00 Crude Oil Inventories - High Impact
23:30 FOMC Meeting Minutes - Medium Impact

Thursday, May 26, 2022
18:00 GDP (QoQ) (Q1), and Initial Jobless Claims - High Impact
20:00 Natural Gas Storage - Low Impact

Friday, May 27, 2022
17:05 FOMC Member Bullard Speaks - Low Impact