Technical analysis on Gold for May 23, 2018

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.

analytics5b051ff22b843.png

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