GOLD Weekly OUTLOOK

١٩ مايو

XAUUSD surged, moving towards its next key resistance zone at the 2400 level, where it closed above it. This is a significant bullish sign, as it marks the first time in history that the market has closed above this level on the daily timeframe. The market has also formed an inverse head and shoulder pattern, which has played out nicely. According to this pattern, we can calculate a target by measuring the distance from the low point of the head to the neckline. This distance is approximately how far the price is likely to move after breaking through the neckline. As we can see, the neckline has already been broken, and the target is around the next key resistance level at 2450.