Technical analysis on Gold for May 31, 2018

Gold price is ready for a move higher towards $1,320-$1,330. It is breaking above the medium-term resistance trend line and should rally for at least a few days. I remain bullish on gold.

analytics5b0f9a84cb4c1.png

Purple line - short-term support

Yellow line - medium-term resistance

Green horizontal lines - targets

Gold price is moving above the yellow trend line resistance respecting the purple line support. Gold is making higher highs and higher lows. The precious metal has started a reversal off the $1,280 area where the 61.8% Fibonacci retracement of the rise from $1,236. Gold is expected to move strongly upwards from now on towards our minimum $1,320-30 target area.

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