Gold weekly analysis May 1-5, 2023
During the past week, it witnessed a sideways movement, as we indicated in the last weekly analysis. In this analysis, I will point out the best areas to trade in the next week from May 1 to May 5, 2023.
In the coming week, it is expected that the sideways movement in gold prices will continue. Therefore, we will trade in this area with caution until one of the areas, whether supply or demand, shown in the chart below is broken. We will determine the future direction of gold in the medium term.
As the chart below shows, the strong 2001 supply area, which we referred to last week, is still suitable for selling. Therefore, prices’ revisiting this area will be a good opportunity for selling. It is expected to hijack liquidity and break prices for the uptrend shown in the chart, and when prices reach the 1960 demand region at that time, we will enter into a good buying deal on gold after the availability of the conditions of the Ingmarn strategy for trading, whether in the first or second season, in the small time frames.
2023-04-29 11:11:00
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