Weekly Technical Analysis Report 6 May – Bullish play seen on XAUUSD
May 6, 2022
Weekly Technical Analysis Report 6 May – Bullish play seen on XAUUSD
1. This week’s outlook on XAUUSD: Bullish play seen
On the M30 time frame, prices are holding above the ascending trend line and a pullback to the support area at 1872.15, in line with the 78.6% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the short term bounce up to the next resistance target at 1897.44. Stochastic is approaching support as well, in line with our bullish bias.
Outlook on XAUUSD: Bullish play seen by Salzworth on TradingView.com
