Daily analysis of Gold for May 19, 2017

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Overview

The gold price shows bullish bias after testing the critical resistance at 1,547.56, where the price is affected by positivity of stochastic and the EMA50. As long as the price stays below this level, the bearish bias will remain preferred; the price is likely to test 1,229.32 levels before it returns to resume the main bullish trend. You should be aware that a breach of 1,254.56 will push the price for more gains without the expected temporary decline, reaching the next positive target at 1,295.37. The expected trading range for today is between the 1,230.00 support and the 1,260.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com