🥇Gold hits over 3-month high📈

4:51 PM May 17, 2021

⬆Precious metal near major resistance at $1870/oz

Gold prices reached the highest level since beginning of February on Monday, amid a weaker dollar and a fall in Treasury yields. It seems that after the recent sharp drops in Bitcoin's price, investors have turned their attention back to gold, which is definitely a more stable asset. Precious metal price managed to break above upper limit of the descending channel and is approaching major resistance at $1870/oz. This level is marked with the upper limit of the 1:1 structure and the 50.0 % Fibonacci retracement of the recent downward move. Should break higher occur, then upward move may accelerate towards next resistance at $1958/oz. On the other hand, if sellers will manage to regain control, then nearest major support is located around $1760/oz.

Gold D1 interval. Source: xStation5

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