The Daily Gold, Released on 5/22/23
Gold has made a bearish reversal that would be confirmed with a weekly close below $1980. Then, look for support at $1900 and $1880. There is very strong support from long-term moving averages that should come into play in the mid $1800s. The Gold to S&P 500 ratio should pullback. It needs to break resistance for Gold to break above $2100. A host of shorter-term and long-term moving averages are coalescing in a tight price area, similar to 1996 and 2019. This suggests a big move is coming and will be to the upside should Gold rebound strongly. From the May 2019 low Gold surged 65% in 15 months.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.