Gold Analysis – 16.May.2024

Gold Analysis – 16.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold Analysis: As you can see, yesterday gold experienced a further decline and corrected to $2352. After that, it encountered demand pressure and managed to grow to $2397! As I mentioned in the previous analysis, the range of $2389 to $2399 was an important supply zone, and the price showed a negative reaction after reaching this level and corrected to $2380! Currently, the price is trading around $2384, and it is likely that after a price correction, we will again witness an increase in demand and a rise in the price of gold!
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Author : Arman Shaban
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