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Gold price was breaking below important support of $1,276 and was about to test $1,266 low. Price reversed and we are now looking at another try from bulls to change the trend. Resistance is still formidable at $1,300-$1,290 area so bears are still alive.

Exchange Rates 23.05.2019 analysis

Black line - resistance trend line

Green line - major support trend line

Blue neckline -horizontal support

Gold price although marginally broke below the green trend line support it is now well back above it challenging the black downward sloping trend line resistance. Gold price has recaptured the blue neckline and the green trend line. These are important wins for bulls but still not game over for bears. Bulls will need to break above $1,294 and of course recapture $1,300 in order to regain control of the trend and hope for a move to $1,350. As long as price remains below $1,300 bears have the upper hand.

*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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