empty
 
 
16.05.2018 09:09 AM
Technical analysis on Gold for May 16, 2018

Gold price did not continue the bounce as we expected but reached our target of $1,288 once $1,301 was broken. We warned that Gold price could fall towards $1,295-$1,285 if $1,301 was broken. Trend is bearish. Gold price has reached important medium-term trend support trend line.

This image is no longer relevant

Red line - long-term resistance

Blue upward sloping line - medium-term support

Green upward sloping line - long-term support

Gold price is challenging important trend line support. If this trend line is broken we should expect price to fall further towards the green trend line support around $1,250. As long as price is below $1,320 trend will remain bearish. There are many chances we see a bounce from this area but we have to be patient to see a more constructive price move higher before turning bullish again.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback