Gold technical analysis for May 22, 2015

Gold price has held above the short-term support of $1,200 and is now bouncing above $1,210. The short-term resistance at $1,217-20 will be decisive. However, the weekly chart remains to be trapped between the kijun- and tenknan-sen indicators while the Ichimoku cloud remains above the current price.

Gold price is trying to break above the cloud resistance and above the yellow line kijun-sen indicator. The bounce from the lower cloud boundary confirms the short-term reversal. This increases chances of an upward move towards $1,250.

Weekly chart remains bearish as the price remains below the cloud resistance and below the kijun-sen indicator. Gold price is trapped between the kijun-sen and the tenkan-sen. The price bounced strongly after reaching the tenkan-sen support level so now we look forward to see whether the important resistance at $1,230 finally breaks for a move towards $1,250.