Technical analysis on Gold for June 7, 2018

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Gold price remains below short-term resistance. Gold is ready for a spike higher towards $1,330 at least. I ‘m bullish about Gold but we also have to be careful in case support of $1,290 fails to hold. If this is the case, we should expect Gold to move lower towards $1,275.

Yellow line – medium-term resistance

Green lines – Fibonacci targets

Red lines – extension targets

Gold price has major resistance at $1,307. Short-term resistance is at $1,300. Support is at $1,290. Bulls need to break above the yellow line resistance in order to pick up speed and break the triple top at $1,307. If Gold price pulls back, this is considered a buying opportunity.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis on Gold for June 7, 2018

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