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    Technical analysis of Gold for May 16, 2016 2016-05-16

    Gold remains supported and mainly moves sideways in a neutral range between $1,290 and $1,250. A breakout above or below this range will push the price towards $1,350 or $1,190 respectively.




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    Gold is trading again above the Kumo on the 4-hour chart but below the black trendline and with the stochastic oscillator diverging. $1,262 is an important short-term support. If broken, we will test $1,250. On the other hand, a 4-hour candle close above $1,285 will improve the chances of a continuation of the bullish trend.




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