FX.co ★ Daily analysis of Gold for May 18, 2017

Overview

Gold price managed to confirm the return to the main bullish channel after closing yesterday's trade above 1,254.56 level. This reinforces expectations for a further bullish trend on the short-term basis. Besides, it provides signals of stopping the downward correction that set the tone for trading in the second half last month. Therefore, we still foresee the bullish trend in the upcoming sessions supported by the EMA50. Let me remind you that our next main target is at 1,295.37. Holding above 1,254.56 represents the main condition for a further bullish bias. The expected trading range for today is between 1,250.00 support and 1,280.00 resistance.