Daily analysis of gold for May 09, 2018

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Overview

Gold price has been trading downwards since morning to approach 1,301.20 level as suggested in our last report. As long as the price is between the mentioned support and 1,316.48 resistance, the sideways move scenario will remain dominant on the intraday basis, waiting to surpass one of these levels to detect the next targets clearly. To review the expected targets after the breach, please check our morning issued report. The expected trading range for today is between 1300.00 support and 1325.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com