Market Insights: (XAUUSD) Gold Buy Entry Setup

5/18/2020 11:40:00 AM (GMT+6)
Buy Entry: $1741-42
Stop Loss: $1727
Take Profit: $1787

Fundamental Reason:

US economy lost nearly 20 .5 million jobs in Apr vs forecast of -22 million and the unemployment rate at 14.7%, the highest level since the 1930s. The Broader U6 unemployment rate surged to record 22.8% from 8.7%.

The total number of filings for unemployment benefits rose to 2.981 million last week, with the demand for the unemployed rising to 36.5 million during the coronavirus crisis. Also US-China relation not going Good.

Technical Reason:

The yellow metal holds well above the symmetrical triangle and this ensures the continuity of the initial trend. It is expected to reach at $1787 or $1800 (161.8% Fib) / 1825 in the near future.

On the flipside, the near time support stands at $1708 (21-day MA) and the near-daily gold tack will pull to $1690 / $1660. The bearish continuation can only happen if it breaks $1660.
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