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Gold price has made no progress today either to the upside or the downside. Gold price remains above the broken trend line resistance. Gold price has recently given a bullish sign, however price remains below the critical $1,300 level.

Exchange Rates 15.05.2019 analysis

Black line - resistance

Green line - support

Blue horizontal line- support

Gold price is trading above the blue neckline support at $1,276 and above the broken black downward sloping trend line resistance that was recently violated to the upside. Gold price shows signs of a reversal, but today's price action was very light as price mainly consolidated near its recent highs just below $1,300. The RSI has not reached overbought levels yet so I believe we might have more upside in Gold price.

*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 © 2007-2019
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