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Technical analysis of Gold for May 18, 2016

Gold is trading inside a triangle pattern while now it is testing the lower boundary. If support fails to hold, then we should expect the price to test the important short-term $1,260 support. If this support fails, my target is $1,237 and the next one, below $1,200. Bulls need to retake $1,290 in order to have a chance at $1,325-50.

analytics573c0b6296a34.jpg

Black line - resistance

Green line - support

Yellow area - reversal tops

Gold is exiting the Kumo on the 4-hour chart after being rejected at the black trend line resistance. The oscillator has already topped and given bearish divergence signs. I expect to see more selling in Gold and a push towards at least $1,237.

analytics573c0bbc927a6.jpg

On the Daily chart, gold is trading below the tenkan-sen but still above the kijun-sen and the Kumo. This sideways consolidation is expected to break lower. $1.237 is the daily Kumo support. Only a break above $1,290 will cancel this bearish view.The material has been provided by InstaForex Company - www.instaforex.com