Gold price has been trading downwards. The price did hit our down target from yesterday at $1.275 and did flip up, which is sign of the reversal. Gold is very strong today and you should watch for buying on the dips.
Red horizontal line – Resistance 1
Red horizontal line 2- Resistance 2
White line – Broken resistance trendline
Gold did strong test and reject from of the $1.275, which is strong sign of revesal. Bullish momentum is present and you should watch only for buying opportuntiies.As long as Gold is trading above the $1.275, we will be bullish. Resistance levels are seen at the price of $1.284 and $1.286.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Analysis of Gold for May, 30.2019