InstaForex - Analytics


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    Gold technical analysis for May 29, 2015

    Gold price remains above the support area of $1,180-85, increasing chances to move towards $1,200. My longer-term view remains bearish. Critical long-term support is seen at $1,130.




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    Gold price has held above the red upward sloping trendline from $1,140. Gold is showing signs of a possible bounce towards at least $1,200. Resistance by the Ichimoku cloud is at $1,200-$1,205. Support is at $1,185. The trend remains bearish as the price continues to make lower lows and lower highs.




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    The weekly chart remains bearish. The price remains below the cloud resistance and below both the kijun- and tenkan-sen indicators (yellow and red line). If this week closes below the red line, there will be increased chances of a push towards the bottom area of $1,130-$1,140. This is important support. If it gets broken, the way down towards $1,000 will be open.

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