Gold Update on May 24, 2021

 Ending the last trading week, precious metal Gold had another gaining week from 1840 to 1890 ($50) to close the weekly candle with a strong upward force.  With the precious metal Gold closing with a strong increase, the possibility that at the beginning of this week's trading session, the precious metal Gold will continue to be promoted and go up.

 - On the D1 daily chart time frame we can see that after 1 day of slight downtrend, the last 2 days of the week the uptrend continued with the latter peak being higher than the previous one, so the short term resistance area Gold is facing  1889-1890 will be difficult to hold in the next trading sessions.

 - Switching to a shorter time frame, H4, after testing the 1889 price area again, the precious metal Gold had a slight correction but the drop was not too strong and stopped around the support level of 1865-  1870.  This is also the nearest support price zone where in my opinion we can establish a buy status with Gold in today's trading session.  The target will be the "old top" 1890 and expect Gold to break through and go up to the 1900-1902 price zone.

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Check out the news happening in the past 24 hours!!!

  1️⃣ Yesterday's main news

 - Cryptocurrencies collapsed in panic, Bitcoin once plummeted 30% to nearly $30,000.

 - Fed meeting minutes hint that QE will be discussed, rate hike expectations are heating up and gold breaks below 1870.

 - European Central Bank warns of financial stability risks as markets boom, but risks in cryptocurrencies are limited.

 Iran's President shows significant progress in new round of Iran nuclear talks.

 - Netanyahu said after calling Biden that he would continue military operations in the Gaza Strip.

 - EIA gasoline inventories fell the most since the week of March 5, 2021.

 - Tesla's plunge since January has wiped out Tesla's market value by $300 billion.

 2️⃣ Today's important facts and data

 - On the side of the Central Bank, today, the President of the European Central Bank Lagarde gave a speech. Today , Governor of the Bank of Canada McClum held a press conference.

 - In terms of numbers, the number of initial jobless claims from the US through May 15 was published, and the market is expected to drop to a new low.

 - In addition, at the next day, the price of New York crude oil for June term completed the last trading session on the floor.

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Technical Update of Gold

 📕 Comment on Gold on May 18, 2021:

 ‼️Ending yesterday's session, precious metal Gold had quite strong gains after a slight decline to 1844 rose to 1868, closed the day with a strong bullish candle and broke out of the resistance price zone.  strong around 1855-1860.  With this breakthrough, in my opinion, Gold has broken out of the downtrend line since August 2020 to go up and the war and conflict escalated in the Gaza Strip between the Israeli army and the Palestinian-backed forces.  In my opinion, it is likely that the upcoming trend of Gold will prioritize the uptrend.

 - With the break of the strong resistance zone around 1855-1860, it turned this price zone into a new support and changed my opinion against yesterday's trading session, today if there is a  If there is any strong decline, it is an opportunity for us to establish a long position with Gold.  The price area we can establish a buy position is around 1850-1855 with the target of 187x-188x in today's session.