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Gold broke out to a 7-year high – GOLD Market Outlook – 18/05/2020

SquaredFinancial

The yellow metal ended the week on a strong 7-year high record close at $1741 (after hitting our target at $1750) on the back of disappointing economic data, as it continues to print higher in early trade today after Fed Powell stated that economic recovery could stretch into late 2021. Looking ahead, strong upside momentum is expected on a breach of our $1770 and $1772 resistance zone, while keeping an eye on RSI indicator in overbought territory.

Support: 1750 / 1738 / 1730
Resistance: 1770 / 1783 / 1800

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-broke-out-to-a-7-year-high-gold-market-outlook-18-05-2020
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