Register for MT4 Demo Account

Register for xStation Account

Trading Idea on XAUUSD (Gold)

By Research Team Friday, May 26, 2023

    • 3.39pmd1
    • High1957.58
    • Low1936.75
    • Close1952.75

The heavy selling pressure can be witnessed in Gold since last two weeks amid multiple factors. Majorly, the strengthening of US Dollar Index amid little progress can be observed in U.S debt-ceiling negotiations between U.S President Joe Biden & House Speaker McCarthy since last few weeks. The talks are to adjust the repayment for debt worth $31 trillion as the deadline of mid-June is approaching. Besides this, the worsening trade relation between China & U.S after China banned the usage & imports of chip manufacturing U.S Micron Company; led selling pressure in Gold since China is a major consumer of metals. Furthermore, the uncertainty looms over FOMC interest rate hike decision in its June meeting as U.S revealed higher employment rate & inflation rate which may force the U.S Central Bank to adopt monetary tightening steps. This remains widely significant for Gold & USD on short term basis. Upcoming event of U.S Non-farm Payroll data which is to be issued next week will be closely monitored. As seen in the chart, the Gold has crossed down the short-term Moving Averages of period 10 & 20 & is now sustaining at long Term MA (100) which indicates a strong support level. Also, the price plunged to previous lows of $1950 formed in the month of March which acts as another support area. This signals for a strong breakdown if breached other wise a reversal can be seen if sustained. Slight buying bias may be suggested in Gold on short to medium term basis.

Read More… Read Less

Weekly Outlook


Intra Day
Near Day

Technical Levels

R3 2055.5
R2 2007.03
R1 1980.38
Turnaround 1958.66
S1 1931.89
S2 1910.09
S3 1860.22

XFlow Markets provides an entirely transparent access to the FOREX Market through two powerful trading platforms with excellent execution speed, a 24/5 client support system with no dealing desk involvement.


© 2024 XFlow Markets, All rights reserved.

Risk Warning: Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.


XFlow Markets INC is incorporated in Saint Lucia with registration no. 2023/C088 governed by the Companies Act, Cap 13.01 of the revised laws of Saint Lucia.

XFlow Markets does not offer Contracts for Difference to residents of certain jurisdictions including the Belgium, Iran, Canada, North Korea, the USA, Cuba, Syria and FATF Black Listed Countries.

Telephone number: UK: +44 20 38355241 Working hours: 7:00 AM - 5:00 PM (GMT+0)

XFlow Markets does not offer any fixed returns & guaranteed profits. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk. Please consider our Risk Disclosure.

XFlow Markets does not guarantee any returns or profits. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.