FX.co ★ Analysis of Gold for May, 22.2019

Gold price has rejcted of the $1.2669 and is trading just above $1.275. Bullish divergence on the Stochastic may lead Gold to $1.283.

Yellow rectangle - horizontal resistance

Red line- key support

White downward sloping line - resistance trend line (broken)

Gold price is breaking aboive the white downward sloping line (resistance), which is positive sign so far. Next resistance is at $1.278 and if broken we expect Gold to continue higher towards $1.283. The bullish divergence on the slow Stochastic is present, which only adds more potentail strength. As long as the Gold is trading above $1.265, we are bullish.