Technical analysis of Gold for May 16, 2019

Gold price pulled back below $1,290 after reaching and testing the resistance of $1,300. As we said in previous posts Gold price made an important break above $1,288 but we also needed to keep an eye on $1,300. So far Gold shows reversal signs after bottoming at $1,266 but bulls will need to defend $1,276.

analytics5cddc143e5a9f.png

Green line - support trend line

Blue horizontal line - neckline support

Black line - short-term resistance

Gold price is turning back below the black trend line that it recently broke upwards. Gold has support at $1,276 and this is the most important level to watch. Breaking below it will open the way for a move below $1,266 towards $1,250-30 area. If Gold price holds above $1,280-76 and breaks $1,300 then we should expect Gold price to see at least the 2019 highs again.

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