Bullish outlook on XAUUSD: 24 May 2022
Prices are holding above a key support level on the monthly time frame, and we are seeing bullish order flow on the H2 time frame with prices forming higher highs. A throwback to the support area at 1830.80, in line with the 50% Fibonacci retracement and 1.272% fibonacci extension could provide an opportunity to play the bounce with 1917.80 as the resistance target. Prices are holding above the Ichimoku cloud and its 50 MA as well, supporting the bullish bias.