Short-term technical analysis of Gold for May 14, 2020.

By | May 14, 2020
InstaForex
Short-term technical analysis of Gold for May 14, 2020.

Relevance up to 08:00 UTC–5

Gold price has not made any important movement today. Price action is quiet. Gold price remains above key support of $1,700 and below key short-term resistance of $1,720-25. Gold price has more chances of breaking upwards as long as we trade above $1,700.

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Black line – resistance trend line

Gold price remains above both the tenkan-sen and kijun-sen indicators. Support by those two indicators remains in the area of $1,700-$1,695. As long as we are above this support, we expect a move higher to new 2020. The confirmation of this scenario will come with the break of the black trend line. If support fails to hold I expect price to move towards the Kumo and the $1,630 area.

*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

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