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28.05.201504:37 Forex Analysis & Reviews: Technical analysis of Gold for May 28, 2015

Long-term review

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The yellow metal is extending losses for 2 consecutive weeks. After a big fall at Tuesday's session, it was mild gains at the end of yesterday's session. Stronger USD puts pressure on the metal. Today, data on US unemployment claims and pending home sales are due. We expect positive readings from the US. Greece is another major factor. In June, Greece must repay 1.6 billion euros to IMF. Greece is unlikely to be able to repay without a deal.

Yesterday, the metal held the support at $1,183.00 bounced a bit. At today's Asian session, the metal was trading at $1,187.00 compared to Wednesday's closing price of $1,187.50. The support is found at $1,183.50 100.00FE, low made $1,183.40. At our Tuesday's article, we advised selling below $1,198.00 with targets at $1,191.00, $1,185.00, $1,182.00,$1,178.00,$1,173.00, and $1,166.00. We recommend fresh selling below $1,182.00. Optically the metal has been making positive divergence in the hourly chart. Intraday resistance is seen at $1,191.00, $1,195.00, and $1,197.50. Risk buying trade is available above $1,192.00 aiming at $1,195.00 and $1,197.00.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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