Relevance up to 10:00 2020-05-14 UTC–5
Gold price is back above $1,700-$1,705. This is a sign of strength. However price remains trapped below important resistance trend line making price create lower highs. The Ichimoku cloud indicator so far supports the bullish continuation scenario.
Black line -resistance trend line
Gold price remains in a bullish trend in the Daily chart. Price is above both the tenkan-sen and the kijun-sen. Support is key at $1,690-95 area. As long as price is above this level trend is bullish. Breaking below this level will open the way for a move towards $1,630. Resistance as we mentioned in our previous analysis remains key at $1,720-25. Breaking above this level will push price to new 2020 highs.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
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.