Technical analysis on Gold for June 13, 2018

Gold price remains in the sideways trading range its been in for the last couple of weeks. Price is bouncing up and down between $1,307 and $1,290. Gold price is expected to be very volatile today around the time the Federal Reserve announces its policy.


Magenta line - bigger trading range

Blue lines - short-term trading range

Yellow line - medium-term resistance (broken now support)

Green lines - targets

Gold price in order to achieve our short-term targets of $1,320-30 will first need to break above $1,304 and $1,307. If this happens tonight then there are a lot of chances over the next couple of weeks to reach our targets. If support at $1,290 fails we could see Gold test $1,280. A daily close below $1,280 will open the way for a push towards $1,270-60.

The material has been provided by InstaForex Company -