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Technical analysis of Gold for May 17, 2016

Gold bulls tried to break above the trend line resistance yesterday at $1,290 but got rejected. The price remains above the critical support of $1,260 but yesterday's rejection is an important weakness sign. A confirmation of this weakness will come once the price breaks below support at $1,260.

analytics573abe6ee21f2.jpg

Black line - resistance

Green line - support

Gold is still trading around the Kumo and above the green trend line support and below the black resistance trend line. The stochastic is showing that more downside should be expected after marking a short-term top. $1,270 is short-term support.

analytics573abeb7419e4.jpg

On the daily chart, the Gold price is trapped between the tenkan- and kijun-sen (red and yellow line indicators). A break above or below either of the lines could signal more strength towards that direction. I continue to believe that Gold should be heading towards $1,230 at least to test daily cloud support.

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