Technical analysis on Gold for May 23, 2018
May 23, 2018 9:21 amVideo
Latest News
- Trading Signals for BITCOIN (BTC/USD) for April 10-15, 2024: sell below $69,000 (3/8 Murray – bullish wedge) April 10, 2024
- Is there a possibility of no Fed rate cuts this year? – Special Report April 10, 2024
- Technical Analysis – Citigroup stock pulls back ahead of earnings April 10, 2024
- Trading Signals for Ethereum (ETH/USD) for April 10-15, 2024: sell below $2,364 (3/8 Murray – symmetrical triangle) April 10, 2024
- EUR/USD and GBP/USD: Technical analysis on April 10 April 10, 2024
- Technical Analysis – USDJPY flies to new 34-year high April 10, 2024
- Technical Analysis – AUDCAD rebounds strongly from uptrend line April 10, 2024
- Banks Q1 earnings: Weak results despite stock outperformance – Stock Markets April 10, 2024
- Forex forecast 04/10/2024: EUR/USD, NZD/USD, USD/CAD and Oil from Sebastian Seliga April 10, 2024
- Technical Analysis – EURCHF eases slightly after 1-year peak April 10, 2024
- GBP/USD on April 10. USD does not rely on traders’ support April 10, 2024
- Technical Analysis – Is CADJPY setting the stage for its next bull run? April 10, 2024
- Technical Analysis – Is CADJPY setting the ground for its next bull run? April 10, 2024
- Technical Analysis – USDJPY flirts with intervention zone April 10, 2024
- Market Comment – Dollar and equities trade higher in anticipation of US CPI release April 10, 2024
- Technical Analysis – EURUSD oscillates within a sideways range April 10, 2024
- Technical Analysis – Gold attempts to unlock new high April 10, 2024
- Trading plan for GBP/USD on April 10. Simple tips for beginners April 10, 2024
- Trading plan for EUR/USD on April 10. Simple tips for beginners April 10, 2024
- Congrats on Winning in the Ramadan Challenge Promo April 10, 2024
Gold price has broken above the short-term resistance trend line and is now trading back and forth above and below it. I expect Gold price to continue higher towards $1,300 this week. I remain bullish.
Blue line – bullish divergence
Red line – short-term resistance
Yellow line – medium-term resistance
Green lines – targets
Gold price has short-term support at $1,288 and next at $1,282. Resistance is at $1,302-304 and next at $1,310-13. I expect Gold price to continue higher towards at least the yellow trend line resistance. I believe that the most probable scenario will be to break above it and at least reach $1,325 where we find the 50% Fibonacci retracement. I remain bullish about Gold.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: