Gold price pulls back towards key short-term support

By | May 21, 2020
InstaForex
Gold price pulls back towards key short-term support

Relevance up to 16:00 UTC–5

Gold price is trading around $1,727 where we find the first support by the tenkan-sen Daily indicator. Key support remains at $1,710-$1,700 area where we find the kijun-sen and the broken downward sloping resistance trend line.

analytics5ec6f6c612ccd.jpg

Black line – resistance broken

Gold price is back testing the Ichimoku cloud indicators and the broken trend line resistance. Inability to hold above $1,710-$1,700 will open the way for a push towards $1,650-30. Price remains above the kijun-sen. As we explained in previous posts, Gold price might be still in a daily up trend, technicals however show us that price is vulnerable at the area of $1,750-70.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

InstaForex