Technical analysis on Gold for May 15, 2018

Gold price pulled back yesterday, but as we previously said, any pullback is seen as a buying opportunity for Gold as long as the price is above $1,300. Gold price should find support at $1,307 and start the next big bounce towards at least $1,330.

Black line – support trend line

Green line -RSI support trend line

Gold price has short-term resistance at $1,325.50. A break above this level will open the way for $1,332 and maybe for $1,347. Support at $1,307 must be respected otherwise we are in danger of another bull stop run and a move towards $1,285. The RSI must bounce off the green trend line support. Holding above the green trend line will be a bullish sign.

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

Source:: Technical analysis on Gold for May 15, 2018