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Long-term review

Gold price has broken above the medium-term trend line resistance, back tested it but still remains inside the $1,307-$1,290 trading range. We continue to be bullish on Gold, expecting at least a bounce towards $1,320-30.

Exchange Rates 11.06.2018 analysis

Yellow line - medium-term resistance

Magenta lines - trading range

Green line - target

Gold price is trading above the yellow trend line resistance. Support is at $1,293 and next at $1,289. Resistance is at $1,303.25 and next at $1,307. For several days Gold has been moving sideways. My longer-term view remains bullish, but a break below $1,288 could see Gold price dip to $1,275 before turning higher. So traders should keep this scenario also in mind.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020
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