Here is the daily technical analysis for May 16, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and the data provider are not responsible for your trading results.
 
We will provide forecasts for price movements in Forex and Commodities, including calculations for pivot points, resistance, and support.


GBPUSD


GBP/USD on the 1-hour timeframe is below the first resistance area at 1.26890, attempting to move down to the pivot area at 1.26360 and then to the first support at 1.25860. The RSI indicator is above the pivot area, suggesting that the pound may move down further.
Suggest: Sell 1.26890 TP1 1.26360 TP2 1.25860 SL 1.27200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.25889

1.26864

1.25826

1.26862

1.25917

0.00945

0.75%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27930

1.27400

1.26890

1.26360

1.25860

1.25320

1.24820


XAUUSD (LOCO LONDON GOLD)

Gold prices on the 1-hour timeframe are below the first resistance area at 2392.00, trying to move down to the pivot area at 2371.90 and then to the first support area at 2371.90. The RSI indicator is above the pivot area, suggesting that gold prices may decline first before rebounding.
Suggest: Sell 2392.00 TP1 2387.00 TP2 2380.00 SL 2397.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2357.72

2390.23

2351.84

2387.87

2356.54

31.33

1.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2430.40

2410.30

2392.00

2371.90

2353.60

2333.50

2315.20


CLSK (OIL)

 
Oil prices on the 1-hour timeframe are below the first resistance area at 79.58, potentially moving down to the pivot area at 78.13 and then to the first support area at 77.36. The RSI indicator is above the pivot area, suggesting that oil prices may rise first before declining.
Suggest: Sell 79.58 TP1 79.00 TP2 78.50 SL 80.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.42

78.90

76.68

78.82

78.19

0.63

0.81%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

81.80

80.35

79.58

78.13

77.36

75.91

75.14

 
 
 
That concludes the explanation of “Daily Technical Analysis: May 16, 2024 – Unemployment Claims Down, Dollar Rebounds.” Also, check out our other articles, such as the guide on how to buy cryptocurrency, only on GIC Journal. Don’t forget to enhance your trading skills by getting the Ebook Scalping guide. Be sure to download the GIC Mobile App on the Google Play Store.