Market Analysis 15-19 May 2023
18 May 2023
By Pongthai Tan
XAUUSD Analysis 8 – 12 May 2023
The gold price outlook is generally positive in the medium term. Although the close of last week’s sell pressure bar indicates a significant loss of buying momentum, due to the sell-off during the week but the price is still moving above the 2000 support level after a rebound to test and then rebound. It is very likely that the price will continue to move or sideways above the 2000 support and there is a chance to rise further to test the 2070 resistance which is a key resistance on the timeframe level. Weekly and is the price that gold used to do the most in history.
Forecasting the price of gold In the short term, the price may move down to test the 2000 support again and if it can hold on without falling further, it may have a sideways correction before rising to test the resistance. 2070 again in the medium term on the daily timeframe level, but if the price moves sharply down with continuous selling momentum, it can break out the 2000 support level and continue down to the next important support at 2070. Should be closely monitored is 1960, which is a support level on the daily timeframe.
GBPUSD Analysis 15 – 19 May 2023
GBPUSD is bearish after rallying to test the 1.26660 resistance to successfully form a new high on the Daily timeframe, before strong selling momentum emerges on the Daily and Weekly timeframes. Currently, the price has dropped to support 1.24470, which is an important level to watch. Because the former price used to form a Double Top pattern on the daily timeframe level.
forecasting that price This week, the price may have sideways at the 1.24470 area before plunging further. There is a high probability that the price will test the support area of 1.22700 before a correction. But if the selling momentum continues to sell continuously and is very strong This will result in the price being able to break out at the 1.22700 support area and go further down to test the next support, 1.18080, which is an important support at the Daily timeframe level.
EURUSD Analysis 15 – 19 May 2023
EURUSD has a bearish view after rallying to test the 1.11000 resistance zone, which was the last high on the daily timeframe level, but failed to make a new high and strong selling momentum is evident. Looking at the close of the candlestick, selling pressure on the Weekly time frame last week indicates a strong sell-off in the market.
forecasting that price This week the price will continue to decline. There is a high probability that the price will rebound to test the support area of 1.07450 before a correction. But if the selling momentum continues to sell continuously and is very strong This will result in the price being able to break out at the 1.07450 support area and go further down to test the next support, 1.05250, which is an important support at the daily timeframe level.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
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