24.05.201921:45 Forex Analysis & Reviews: Technical analysis for Gold for May 24, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price is trading near its weekly highs after challenging important support at the start of the week. Price initially broke below important support trend lines but the week is ending on a more bullish note than when it started. Price is approaching major resistance area of $1,290-$1,300 again.

Black line- resistance trend line

Green rectangle - support area

Red line - major support trend line

Blue line - major resistance trend line

Gold price bounced once again from the green support area. Bulls manage to hold above $1,266 and price recaptured $1,280. Gold price is now challenging the $1,290-$1,300 resistance area. For more upside bulls will need to break this resistance and recapture and hold above $1,300. Failure to do so will bring price back to $1,270 and if $1,266 is broken we will most certainly see a move to $1,250-20. For now bulls are still alive but bears continue to hold the upper hand.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.