FX.co ★ Short-term analysis on Gold for May 24, 2022.

Gold price is trading above $1,850. Price has reached the 100% Fibonacci extension target and has made a high around $1,864. Price continues making higher higher and higher lows in the 4 hour chart but the advance has stopped at key Fibonacci resistance.

Black lines- Fibonacci retracements

Gold price has reached as high as the 38% Fibonacci retracement of the decline from $1,997, This is important Fibonacci resistance. The RSI has not reached overbought levels yet and we continue to expect Gold price to move even higher towards $1,868. Support is now found at $1,806 and at $1,835. As long as price is above these levels, we remain optimistic for the future of Gold price.