Gold price forecast – XAUUSD en-route to $1300


28 May 2019, GKFX – Gold price once again struggled to make it through the $1287-88 supply zone and lost some ground on Tuesday amid a modest pickup in the USD demand.

Meanwhile, the intraday slide managed to find some support near 200-hour SMA, which coincides with 38.2% Fibo. level of the $1303-$1270 recent slide.

Gold price technical forecast

Given that the commodity failed to capitalize on Friday’s breakthrough a bullish continuation – flag chart pattern on the 1-hourly chart, a sustained break through the mentioned confluence support might act as a key trigger for bearish traders and accelerate the fall towards the $1278-77 horizontal support.

Technical indicators on the 1-hourly chart maintained their bearish bias but have held in the neutral territory on the daily chart and thus, warrant some caution for short-term traders before positioning aggressively for the next leg of a directional move. 

On the flip side, a convincing break through the $1287-88 supply zone now seems to pave the way for a further near-term appreciating move towards $1293-95 intermediate resistance en-route the key $1300 psychological mark and the recent swing highs, around the $1303 region.

Gold 1-hourly chart

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

    Share Your Opinion, Write a Comment