FX.co ★ Daily analysis of GOLD for May 18, 2016

Overview

The gold price approached from testing the main bullish trend line located at $1,267.70. The price needs to settle above this level for the expected bullish trend continuation for today. A breach of the mentioned resistance will extend the bullish wave to $1,344.85 directly. A break of the $1,267.70 level will push the price to test the $1,243.17 level that represents the 23.6% Fibonacci for the bullish wave shown on the chart. Thus the break of this level will stop the positive overview and put the price under the correctional bearish pressure again.

The expected trading range for today is between the $1,260.00 support and the $1,300.00 resistance.