InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    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.

     

     

     

    Show full picture

     

     

    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.

     

     

     

    Show full picture

     

     

    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.


    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