InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Gold technical analysis for May 15, 2015

    Gold price made a new short-term high above $1,224 but the upward move did not last. The price is at important weekly resistance levels and it will be hard for bulls to push it higher. Support at $1,212 is important for the short-term trend. I believe we are inside a bearish wedge and the next move Gold price makes will be to the down side towards $1,190.

    goldh4.jpg

    Show full picture

    Red lines = bearish wedge

    Blue lines = expected path of Gold price

    Gold is above the Ichimoku cloud and has made a higher high relative to the early April high. Support is found at $1,200 and at $1,190. A daily close near $1,230 will be bullish for the next week and a move towards $1,250-60.

    goldd.jpg

    Show full picture

    On a weekly basis, Gold price is testing the cloud resistance and the kijun-sen indicator resistance (yellow line). Bulls control the short-term trend but will need to show more strength in order to break this resistance area. Important weekly support is found at $1,185.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree