empty
 
 
18.05.2015 09:34 AM
Gold technical analysis for May 18, 2015

Gold price has broken to new higher highs today and is moving towards our target at $1,250-60 after breaking above the critical short-term resistance at $1,224. The longer-term view for Gold price remains bearish and this bearish scenario will be tested at $1,250-60.

This image is no longer relevant

Orange lines - bullish channel

Red line = critical medium-term support

Blue line = short-term support

Gold price is making higher highs and higher lows. The price is trading above the Ichimoku cloud and inside the bullish channel. Next target for Gold price is seen at $1,250-60. Support is at $1,212 for the short term but critical support is found at $1,185 for the longer term.

This image is no longer relevant

The weekly chart for Gold price shows how bulls have managed to hold above the tenkan-sen and the kijun-sen got violated. This is a bullish sign. However, this manages only to turn the longer-term trend from bearish to neutral. Gold price is approaching the resistance of 61.8% Fibonacci retracement now. In order to prepare a longer-term upward reversal, bulls are likely to need to break this level and also break above the cloud at $1,265.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback