Gold technical analysis

18 May 2020 01:39 PM

US Federal Reserve Chairman Powell has warned that an economic recovery may take until the end of next year and a full recovery may not occur until there is a vaccine. This has pushed the price of gold at the beginning of this week to exceed the $1750 level and has thus far recorded the $1765 level.

It is expected that further upside might target $1780 then $1800. We must be aware of the correction process presented. It may retreat to experiment with the $1750-$1740 levels, which represent a support area. Price stability must be maintained to achieve the expected higher targets.

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