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History of one reversal

Gold-silver does not live up to investment expectations this year…
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XAUUSD Gold is declining from the high of March 8 this year 2070.6.
However, the recent low of 1786.8 on May 16 could very likely become a reversal point for the downside price move. That’s why:
1) The time factor plus the achievement of target levels on past chart formations.
2) May 16 reversal day from support level 1780 (below 1750 more)
3) Fast bounce to 1850 level and close near it
4) The price chart on May 17 at 30 minutes shows a classic reversal movement,
May 18 retest support zone and hold higher, 30 min,
On May 19-20, the formation of an ascending price movement channel, 30 minutes.
5) Exit upwards on May 20 from the descending channel formed from the high of 2000p in 30 minutes, and consolidation (picture 2).
Confirmation of further growth in the price of gold in XAUUSD will be overcoming 1850-1860. Reversal of the downtrend – above 1910-1920. The potential is up to 2050. The zone of acceptable return movement (rollback) is 1830-1790 at the current price of 1846.6.



History of one reversal

History of one reversal
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Silver stopped at the lower border of the descending channel on the daily chart, the current 21.76. May 13 low 20.45.
Upward confirmation – above 22. Potential not above 26 (levels 24 and 25 are on the way).

History of one reversal
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The overall picture is also not depressing so far:
May 20 – Possible Pivot in SPY from 380 (below 373)
Oil on BROUSD is in an upward channel from 100 with a potential of 130
The Moscow Exchange Index is flat, but with signs of a local reversal upwards on the basis of moving averages:
at current price 2373, support at 2370, critically below 2250…resistance at 2500-2555, with downtrend reversal above 2650.
Happy trading everyone!

About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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