For Traders

Analytical Reviews

Technical analysis

16.05.201809:09 Forex Analysis & Reviews: Technical analysis on Gold for May 16, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price did not continue the bounce as we expected but reached our target of $1,288 once $1,301 was broken. We warned that Gold price could fall towards $1,295-$1,285 if $1,301 was broken. Trend is bearish. Gold price has reached important medium-term trend support trend line.

Red line - long-term resistance

Blue upward sloping line - medium-term support

Green upward sloping line - long-term support

Gold price is challenging important trend line support. If this trend line is broken we should expect price to fall further towards the green trend line support around $1,250. As long as price is below $1,320 trend will remain bearish. There are many chances we see a bounce from this area but we have to be patient to see a more constructive price move higher before turning bullish again.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.