Daily analysis of Gold for May 16, 2017

Source: Forex Analysis



The gold price keeps its stability above 1,229.32 levels and above the correctional bearish trend resistance keeping the bullish trend active for today. The price is likely to test 1,254.56 levels initially. A breach of this level will open the way to head towards 1,295.37 as the next main station. Therefore, we will continue to suggest the bullish trend in the upcoming sessions unless breaking and holding below 1,229.32 levels. The expected trading range for today is between the 1,225.00 support and the 1,250.00 resistance.

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