Daily Technical Analysis: May 29, 2024 – Gold Prices Heading Towards $2370

Here is the daily technical analysis for May 29, 2024. The data and analysis presented in this bulletin can be broadly applied to your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

We will now provide a forecast of price movements in Forex and Commodities, complete with Pivot point calculations, Resistance, and Support levels.

GBPUSD



GBP/USD on the 1-hour timeframe is above the first support area at 1.27390, attempting to move up towards the pivot area at 1.27700 and then to the second resistance area at 1.27860. Meanwhile, the RSI indicator is below the pivot area, suggesting that the pound sterling has the potential to move higher first.

Suggest: Sell 1.27850 TP1 1.27650 TP2 1.27400 SL 1.28050

XAUUSD (LOCO LONDON GOLD)



Gold prices on the 1-hour timeframe are below the pivot area at 2353.90, attempting to move down towards the first support area at 2343.80 and then to the second support area at 2330.20. Meanwhile, the RSI indicator is below the pivot area, indicating that gold prices have the potential to move lower first before rebounding.

Suggest: Buy 2353.00 TP1 2358.00 TP2 2365.00 SL 2350.00

CLSK (OIL)



Oil prices on the 1-hour timeframe are above the pivot area at 79.62, with the potential to move up towards the first resistance area at 80.75 and then to the second resistance area at 81.36. Meanwhile, the RSI indicator is above the pivot area, suggesting that oil prices have the potential to continue rising.

Suggest: Buy 79.80 TP1 80.30 TP2 80.80 SL 79.30

Well, that concludes the explanation of “Daily Technical Analysis: May 29, 2024 – Gold Prices Heading Towards $2370.” Also, check out our other articles, such as the guide on how to buy cryptocurrency, only at Jurnal GIC. Don’t forget to enhance your trading skills by obtaining the Ebook Scalping guide. Make sure to download the GIC Mobile Apps from the Google Play Store.