FX.co ★ XAUUSD: technical analysis for May 20, 2022 (potential bullish move)

Gold has encountered support amid the weaker US dollar as well as a decrease in bond yields and demand for risk assets. In this light, the precious metal may show growth today.

Technical picture:

The price is above the middle Bollinger band, the SMA 5, and the SMA 14. The Relative Strenght Index is above 50, signaling the likelihood of a bullish move. The Stochastic is uninformative.

Daily forecast:

Spot gold may retrace up to 1885.00 after a breakout at 1849.15 and consolidation above the mark.