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Technical analysis of Gold for May 16, 2018

analytics5afbafc44f875.jpg

At the 4-hour chart Gold is now trading in a bearish bias. As We can see the Stochastic Oscillator is already at the oversold level and is going upward. This will indicate that the price will test the resistance level at 1,305.75 or the upper channel before the gold price will go down again.

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