28.05.201509:57 Forex Analysis & Reviews: Gold technical analysis for May 28, 2015

Long-term review

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Gold price is above short-term support at $1,180-85 and we might see an upward pullback towards $1,200. Gold price has been mainly trading within a range of $1,220-$1,180 for some time now. As long as I do not see a weekly close outside of this range, I will remain neutral.

Red line = trend line support

Gold price touched the red line which acts as support for the 3rd time. The price is below the Ichimoku cloud in the 4-hour chart. I believe we could see a bounce towards $1,200 as long as we hold above $1,185.

The weekly chart remains bearish as the price has moved below the tenkan-sen (red line) support. The weekly chart remains below the cloud resistance and below the kijun-sen (yellow line) indicator. The long-term trend remains bearish and critical support is found at $1,130 and $1,170.

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