FX.co ★ Analysis of Gold for May, 28.2019

Gold has been trading downwards as we expected. The price tested the level of $1.277. Double dop formation is confirmed and we should expect more downside.

Red rectangle – horizonal resistance

White rectangle – horizontal support

Gold did down break the support at $1.280, which is good sign for further downside. Gold did try to rally but with no good success, which is sign of the weakness. Our advice is to watch for selling opportunities. Support level is seen at the price of $1.270. Resistance is seen at the price of $1.280. Strong bearish divergence in the background as well.