FX.co ★ Short-term technical analysis of Gold for 2 May, 2019

Gold price made a low at $1,266 making a double bottom so far as prices bounce towards $1,270. Trend remains bearish in short and medium-term trend. Key level is at $1,300.

Blue line - resistance trend line

Gold price is back to its 2019 lows. Gold is forming a double bottom as long as $1,266 holds. Price is below key level of $1,290-$1,300. Any bounce towards that area is considered a selling opportunity. We remain bearish short- and medium-term as long as price is below $1,300.Target for Gold is at $1,250-60 and maybe $1,225. Breaking above $1,290 will increase the chances of breaking above $1,290. Therefore I would not be short above $1,290.