Analysis of Gold for May, 29.2019

Gold price has made an important break of the supportat the price of $1.281 . As long as we trade below $1.287, bears will be expecting a move lower to $1.275-$1.269. Breaking above the $1.287 opens the way for $1.300 and higher.


Upward white line - important short-term support (broken)

Red line – Support 1 and downward target

Red line 2 – Support 2 and downward target 2

Gold price did break the support tendline in the backgorund and on that way confimred bearish control. Short-term resistance is at $1,288 and breaking above it will open the way for a move towards the major resistance and round number $1.300. Stochascit oscillator did top and we may expect further downside.

The material has been provided by InstaForex Company -