My previous analysis was accurate as the price achieved the expected target.

The market successfully tested the resistance level and experienced a significant downward movement represented by a large red candle.

This price action has potentially created a swing level, suggesting the possibility of further downside movement.

If the price retraces to the recent resistance zone and subsequently falls from it, there is a good chance that the downtrend will continue.

With that in mind, my target is set at the previous support level of 2002.

The post 12.05.2023 XAUUSD Gold Forecast appeared first on Exness Global, Exness Indonesia, Exness Turkey, Exness South Korea, Exness Japan, Exness India, Exness Thailand, Exness South Africa, Exness Vietnam.