Gold Technical Analysis - May 20, 2023

 Gold Price in Downtrend

Price is assumed to go down to 1950 and hit support.

If price goes down lower than 1950 it may hit 1936(next support)

Enter the trade at 1972 and set Stop loss at 1978. Take profit at 1950.

If price goes up to 1985, then the downtrend will break.

Gold Price in Uptrend

If price goes up to 1985, the price may go uptrend.

Then 1976 will be the new support, and 2024 will be the new resistance.

Enter the trade at 1990. Stop loss can be set at 1985 and take profit at 2024.