empty
 
 
12.05.2017 05:41 PM
Daily analysis of Gold for May 12, 2017

This image is no longer relevant

Overview

Gold price is fluctuating near the initial resistance of 1,229.32, which is met by the EMA50 to add more strength to it, while stochastic is approaching from the overbought areas now. Therefore, these factors encourage us to expect the bearish trend in the upcoming sessions. The first target is represented by testing 50% Fibonacci correction at 1,208.92. Please note that breaking it will push the price towards 1,188.52 directly, while breaching 1,229.32 represents the first upward target to regain the main bullish trend. The metal could head towards the most important resistance in the short term to trade at 1,254.56. The expected trading range for today is between 1,208.00 support and 1,235.00 resistance.

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