Gold GOLD PRO WEEKLY, May 08 - 12, 2023

Greetings everybody,

Gold shows logical action, keeping downside action and completed our 2010$ target yesterday. On daily chart now we could consider 1985 as next destination point - trend line, previous lows and daily oversold area:

On 4H chart, once wide triangle has been broken, we could consider 1984$ XOP target, which mostly agrees with daily support area. But, it seems more probable that this is the subject for the next week.

Today we could keep going with our a kind of H&S pattern (or engulfing) that we've started yesterday and consider it final XOP target around 1997-2000K. This one could be completed today: