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Forex

Gold price edges higher again to $1282

Squared Direct | May. 13, 2019
Gold price edges higher again to $1282

May 13, 2019, | SQUARED DIRECTDespite heightened concerns over US-China relations, Gold prices traded mostly sideways last week with a slight bias to the upside. The price action revealed that investors showed little interest in the asset as a safe-haven investment. Instead, they preferred to hedge against stock market risk in the more-liquid Japanese Yen and US Treasuries.

Gold price technical forecast

Gold prices edged higher again to retest the trend line presented on the chart and printed a daily high of $1288.09 per ounce, but quickly erased again the gains in repeated scenario to find support at $1280 level. The price is currently trading just above the $1282.19 resistance level as the momentum is starting to build up. Our focus remains on the upside while still expecting to break above the trend line and settling above it.

Gold price edges higher

Support: 1282.19/ 1280.11
Resistance: 1285.35/ 1288.35

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